PPI

The chief executive of Lloyds Banking Group has suggested claims management companies should be forced to cover the costs of false claims.

The former head of Lloyds Banking Group's retail division has apologised "wholeheartedly" for the mis-selling of payment protection insurance (PPI), for which the bank has so far paid £5.3bn reimbursing customers.

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The final cost to the country's banks for payment protection insurance (PPI) mis-selling is likely to be about £25bn, according to The Times.

The Financial Services Authority (FSA) has fined the Co-operative Bank £113,300 for "serious failings" in its handling of complaints arising from sales of Payment Protection Insurance (PPI).

The Financial Ombudsman Service (FOS) has doubled its staffing levels since April last year to deal with volume of complaints about mis-sold payment protection insurance (PPI).

The mis-selling of payment protection insurance (PPI) is costing banks hundreds of millions of pounds to put right and has spawned a new crop of claims management companies.

Royal Bank of Scotland has posted a pre-tax loss of £1.2bn in the third quarter, as it sets aside a further £400m to cover claims related to the mis-selling of payment protection insurance (PPI).

Lloyds Banking Group has set aside an extra £1bn to cover costs relating to PPI mis-selling and has announced a £583m loss for the first nine months of the year.

Hector Sants, the former chief executive of the Financial Services Authority (FSA), has defended his tenure at the regulator, arguing the changes he made have put it "in good stead".