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Oct 28 (Reuters) - Britain's Lloyds Banking Group will have to spend at least another 700 million pounds ($1.13billion) to compensate customers who were mis-sold paymentprotection insurance (PPI), Sky News reported, without citingsources.
Part-nationalised Lloyds plans to make the announcement onTuesday, pushing the lender's total PPI compensation bill past 8billion pounds, the broadcaster said on its website. ()
The news comes after this month's data from Britain'sFinancial Conduct Authority (FCA) and Ombudsman Service - whichsteps in where banks and their customers cannot reach agreement- showed that complaints against banks had fallen, raising hopesthat they would not need to pay any more towards PPIcompensation.
Britain's biggest banks have so far set aside 16 billionpounds to deal with what has become the most expensive consumerscandal in British history. The loan insurance policies weremeant to protect borrowers in the event of sickness orunemployment, but were often sold to those who would have beenineligible to claim.
Lloyds, which declined to comment, had by August set aside7.3 billion pounds to cover the mis-selling of PPI, more thanany other British bank, having sold more policies than rivals.
