14/05/2013 00:00
FOR Britain's Lloyds Banking Group whose 3.5 billion pounds loss in the first quarter of this year was almost entirely the result of compensation payments made to customers who were mis-sold payment protection insurance (PPI). The apparent protection in case of ill-health or redundancy hardly existed and sometimes the insurance policies were wrongly described as a necessary preliminary to negotiating a loan. Almost the whole banking industry was involved.
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