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Lloyds prepares for PPI claims rush ahead of deadline

arnie ppiLloyds is reportedly planning to bolster its provision for payment protection insurance costs as consumers move to lodge complaints before the August 2019 deadline.

According to The Times, analysts at UBS understand Lloyds could add £410m to its provision for April to June.

Lloyds has incurred £18.8bn of PPI costs and increased its provision by £90m in the first three months of the year.

Advertisements for the PPI complaint deadline, featuring an animatronic head of Arnold Schwarzenegger, are intended to raise awareness of the August 2019 deadline, signpost consumers to information and help people decide what to do.

Earlier this month, reports emerged that a court ruling could result in banks paying up to £18bn in compensation to customers missold payment protection insurance.

The Financial Times reported on a Manchester County Court hearing in June where the judge decided a couple was entitled to get all of the 76 per cent commission they paid back in compensation.

The FCA said last year that commissions of more than 50 per cent were unfair and that anything over that point should be paid back to consumers by the banks.

Lawyers said the Manchester County Court ruling could set a precedent and lead to thousands of claims for full compensation.

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  1. My understanding is that County Court rulings don’t set precedent.

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