Another PPI casualty

Lloyds Banking Group may be faced with a £1bn charge after being found guilty of overcharging and mis-selling payment protection insurance on credit cards, although it is not yet clear how many customers are likely to make a financial claim against the bank. The FSA reported that between 2005 and 2009, PPI revenues at all UK banks totalled £17bn with a significant portion considered to be mis-sold. Over the next five years, issues of mis-selling are expected to cost the industry between £1bn and £3bn.