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News

Lloyds Banking Group investors burdened with extra bill for PPI payout

Analysts say the additional red ink could be as much as £1.2bn, on top of the £8bn the bank has already been forced to set aside.

It follows a shock announcement from RBS earlier this week that it is writing off £3bn to pay for mis-selling and damages, including £500m for PPI. Those write-offs could plunge RBS into an £8bn loss and have put in jeopardy any hopes of an early return to the private sector.

The situation at Lloyds, which also had to be bailed out by the taxpayer in the financial crisis, is different as it will remain profitable even after the PPI hit and is forging ahead with a return to normality.

Chief executive Antonio Horta Osorio wants to resume paying dividends and it is believed City regulators have insisted on full disclosure of possible liabilities as a condition of allowing him to re-start the payouts.

Regulators and UKFI, the arm of the government that runs the taxpayer stake in Lloyds, will also be keen that small investors who may participate in a share offer are made fully aware of the risks.

Lloyds has been paying out around £150m a month on PPI claims and it is thought the pot of money it previously set aside is all but exhausted.

It came as Lloyds announced plans to axe 1,400 roles, on top of the 10,000 it has already cut since 2011, as part of its plan to shed 15,000 positions over several years.

Rivals, including HSBC, may also set aside further sums to cover PPI claims. On top of that, the banks collectively face a long list of possible liabilities. These include further fall out from the Libor scandal, where both RBS and Barclays are still embroiled in investigations. Barclays is being investigated over its capital raising from Middle Eastern investors in 2008 and by US energy regulators over its trading in the power market.

RBS is being taken to court by shareholders over its rights issue in 2008 while HSBC has warned investors it may face losses of $3.5bn over securities litigation in the US and further payouts over the Bernie Madoff affair.

Creditline Financial are experts in reclaiming mis-sold Payment Protection Insurance and are currently reviewing all clients who have received compensation. Creditline have found that many had not been investigated correctly by the lenders. If you are unsure about the amount you’ve received is correct or would like to make a claim call us now on 01733 313399.

Artiucle taken from – This Is Money

Posted by Jay Beecher on 29 Jan 2014

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