Lloyds ups compensation monies by £1bn

UK-based Lloyds Banking Group has added £1bn (€1.2bn, $1.6bn) to the £4.27bn already set aside to cover compensation to customers mis-sold payment protection insurance (PPI). In what it describes as a disappointing “legacy issue”, the provision pushes the bank into a loss of £144m for the third quarter of the year. Barclays has also recently added £700m to the amount it has set aside for PPI compensation, bringing the total UK banking industry’s PPI bill to £11bn.