Lloyds Tsb Takes Pounds-150m Mis-Selling Hit Widows to 'Repatriate' Pounds-800m Capital

Summary

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SCOTTISH Widows owner Lloyds TSB will suffer a pounds-150m charge this year for compensating customers - mainly those sold mortgage endowment policies - increasing further its already substantial mis- selling bill.

This year's profits will also be hit by a separate pounds-150m charge relating to a planned increase in "mortality-related reserves" - because customers with annuity policies are living longer.

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Extract

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Lloyds Tsb Takes Pounds-150m Mis-Selling Hit Widows to 'Repatriate' Pounds-800m Capital

The double-whammy to the big four UK bank's profits was revealed in a trading update ahead of its December 31 financial year-end.

However, Lloyds TSB said it intended to "repatriate" pounds-800m of surplus ...

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