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PPI claims: Lloyds and Barclays face billions of pounds in extra charges

Banks underestimated number of last-minute complaints they would receive before deadline

Lloyds Banking Group and Barclays have warned they will take billions of pounds in extra charges to cover a last-minute surge in claims relating to mis-sold payment protection insurance (PPI).

The lenders said they underestimated the number of complaints they would receive in the run-up to the 29 August deadline and will increase provisions following a spike in claims before the cut-off. Lloyds expects to take another PPI charge of between £1.2bn and £1.8bn in the third quarter, while Barclays expects to put aside between £1.2bn and £1.6bn.

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