{"id":1306,"date":"2013-08-27T17:15:19","date_gmt":"2013-08-27T17:15:19","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/08\/lloyds_barclays_to_set_aside_h"},"modified":"2022-03-10T16:38:19","modified_gmt":"2022-03-10T22:38:19","slug":"lloyds-barclays-to-set-aside-h","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/lloyds-barclays-to-set-aside-h\/","title":{"rendered":"Lloyds, Barclays, to Set Aside Hundreds of Millions of Dollars for Allegedly Mis-Selling to Victims"},"content":{"rendered":"<p>\t\t\t\tBritain&#8217;s largest banks expected to set aside hundreds of millions of dollars to compensate customers that were the alleged victims of mis-selling. As of the end of July, the Big Four Banks reportedly had budgeted at least $20.2 billion (the figure was converted from pounds) to pay back clients that were mis-sold insurance policies.  Lloyds Banking Group (LLOY) and Barclays (BCS) are among the institutions needing to pay such provisions.<\/p>\n<p>According to the Financial Conduct Authority, in April and May both, banks across Britain paid just over $642.6 million in compensation. This is a significant jump from February, when they paid $625.7 million and in March when the amount as $573.75 million U.S. dollars.<\/p>\n<p>Borrowers bought payment protection insurance (PPI) policies, which were supposed to guarantee that they could pay back loans if they were no longer able to work or became unemployed. That said, the policies were purportedly sold to customers that either would not have been able to avail of the coverage because they were either on benefits or self-employed or people that didn&#8217;t want to be covered. <\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/lloyds-barclays-to-set-aside-h\/\"  title=\"Continue Reading Lloyds, Barclays, to Set Aside Hundreds of Millions of Dollars for Allegedly Mis-Selling to Victims\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Britain&#8217;s largest banks expected to set aside hundreds of millions of dollars to compensate customers that were the alleged victims of mis-selling. As of the end of July, the Big Four Banks reportedly had budgeted at least $20.2 billion (the figure was converted from pounds) to pay back clients that were mis-sold insurance policies. Lloyds [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3787,4036],"tags":[],"class_list":["post-1306","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-morgan-stanley","category-royal-bank-of-scotland"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Lloyds, Barclays, to Set Aside Hundreds of Millions of Dollars for Allegedly Mis-Selling to Victims &#8212; Investor Lawyers Blog &#8212; August 27, 2013<\/title>\n<meta name=\"description\" content=\"Britain&#039;s largest banks expected to set aside hundreds of millions of dollars to compensate customers that were the alleged victims of mis-selling. As of &#8212; August 27, 2013\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/lloyds-barclays-to-set-aside-h\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Lloyds, Barclays, to Set Aside Hundreds of Millions of Dollars for Allegedly Mis-Selling to Victims &#8212; Investor Lawyers Blog &#8212; August 27, 2013\" \/>\n<meta name=\"twitter:description\" content=\"Britain&#039;s largest banks expected to set aside hundreds of millions of dollars to compensate customers that were the alleged victims of mis-selling. As of &#8212; August 27, 2013\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Lloyds, Barclays, to Set Aside Hundreds of Millions of Dollars for Allegedly Mis-Selling to Victims &#8212; Investor Lawyers Blog &#8212; August 27, 2013","description":"Britain's largest banks expected to set aside hundreds of millions of dollars to compensate customers that were the alleged victims of mis-selling. As of &#8212; August 27, 2013","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/lloyds-barclays-to-set-aside-h\/","twitter_card":"summary_large_image","twitter_title":"Lloyds, Barclays, to Set Aside Hundreds of Millions of Dollars for Allegedly Mis-Selling to Victims &#8212; Investor Lawyers Blog &#8212; August 27, 2013","twitter_description":"Britain's largest banks expected to set aside hundreds of millions of dollars to compensate customers that were the alleged victims of mis-selling. As of &#8212; August 27, 2013","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/lloyds-barclays-to-set-aside-h\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/lloyds-barclays-to-set-aside-h\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Lloyds, Barclays, to Set Aside Hundreds of Millions of Dollars for Allegedly Mis-Selling to Victims","datePublished":"2013-08-27T17:15:19+00:00","dateModified":"2022-03-10T22:38:19+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/lloyds-barclays-to-set-aside-h\/"},"wordCount":438,"articleSection":["Financial Firms","Morgan Stanley","Royal Bank of Scotland"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/lloyds-barclays-to-set-aside-h\/","url":"https:\/\/www.investorlawyers.com\/blog\/lloyds-barclays-to-set-aside-h\/","name":"Lloyds, Barclays, to Set Aside Hundreds of Millions of Dollars for Allegedly Mis-Selling to Victims &#8212; Investor Lawyers Blog &#8212; August 27, 2013","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2013-08-27T17:15:19+00:00","dateModified":"2022-03-10T22:38:19+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"Britain's largest banks expected to set aside hundreds of millions of dollars to compensate customers that were the alleged victims of mis-selling. 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