A mis-selling disaster
If the PPI protection scandal leaves a bill for £10bn, it could turn into a battle for survival for many brokers, says Tony Cornell
In its first quarter update this year, Lloyds Banking Group announced a provision of £3.2bn for the mis-selling of payment protection insurance (PPI). They had agreed to abide by the rules set down by the Financial Services Authority (FSA) and pay all claims within these guidelines, including a high interest rate on amounts proven. All the banks have agreed to this approach and have dropped their case for a judicial review. If you say it quickly, £3.2bn does not sound very much until you stop
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