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Lloyds bank latest to make legal provisions

February, 03 2014

Lloyds has become the latest UK bank to make another substantial provision to cover legal, regulatory and compensation costs.

Lloyds has to pay huge legal costs JuliusKielaitis

It has announced that £1.8b will be transferred into a provision to repay customers who have been mis-sold payment protection insurance. In total this means that the bank will have set aside £9.8b under this heading. Only last week, the Royal Bank of Scotland moved £3b into its litigation and compensation provision. Similarly, Barclays is shifting £330m to its legal and regulatory provisions. Source: Financial Times