The compensation bill to repay the mis-sold Payment Protection Insurance has skyrocketed yet again as Lloyds Bank revealed another £700m hike to cover the costs of the scandal.
Lloyds have now set aside a total of more than 4.2bn to solve the PPI catastrophe- a billion more than originally expected.
Chief Executive at Which? Peter Vicary-Smith, said: “It’s good that Lloyds are setting aside more money for PPI claims – consumers should get back what they are rightly owed without hassle.”
“The results today show that PPI is on course to become the biggest consumer financial scandal of all time, exceeding pensions mis-selling and the endowment mortgage scandal.”