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Banks Abort PPI Deadline Talks

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17th February 2014

It's understood that the major high street lenders have walked away from renewed discussions with the Financial Conduct Authority.

A source close to Lloyds Banking Group, which has set aside almost £10bn to cover the cost of PPI mis-selling, said on Thursday that there were now no ongoing talks about a time-barring exercise.

The development means that banks will almost certainly face historic PPI-related claims lasting for several more years.

Lloyds said last week that the current pace of claims meant that it anticipated receiving a further 550,000 claims from customers.

In total, the big four banks have set aside almost £20bn, with Royal Bank of Scotland recently increasing its charge by £465m.

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Posted in PPI, PPI Deadline, Claims, Lloyds Banking Group, Royal Bank of Scotland, Financial Conduct Authority

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