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Lloyds TSB Increases Endowment Compensation Fund

Lloyds sets aside more cash to compensate for endowment mis-selling

14th December 2004

Lloyds TSB banking group has announced that it has set aside another chunk of cash to pay compensation for mis-sold endowment policies.

Lloyds had previously allocated £250m to the fund, but has increased this by over 40% to £360m.

The fund is used to pay compensation to Lloyds customers who were mis-sold endowment policies, and now find that their policies will not cover their mortgage commitments.

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