Lloyds pays £2.5bn to deal with final PPI claims

A surge in complaints about mis-sold payment protection insurance (PPI) weighed on Lloyds’ finances last year.

The UK banking giant posted a 26% drop in pre-tax profits to £4.4bn as it paid out billions of pounds to customers in PPI compensation.

The bill for PPI claims in 2019 would be about £2.5bn, but Lloyds said no further provisions were needed as it had already set aside enough money.

It brings the total paid out by Lloyds over the mis-selling saga to £21.9bn.

Lloyds said there had been a “significant increase” in queries about PPI claims ahead of a deadline to claim in August last year.

The deadline, set by the City regulator, prompted a rush of enquiries, which pushed the bank’s bill up from £750m in 2018.

“The group’s statutory performance was impacted by a substantial PPI charge related to the deadline for claims submission,” the bank’s boss António Horta-Osório,

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Controversial ‘Anti-Piers Morgan’ tickets on sale for business convention

A UK business convention that has booked Piers Morgan as a headline speaker for its event has released tickets specifically for people who hate the media personality, following the public response to his controversial ways.

Entrepreneurs Circle launched the exclusive tickets for ‘The Getting & Keeping Customers Convention’ after being inundated by comments from people who were ‘filled with rage’ at the mere thought of being in the same room as one of the country’s most antagonistic personalities.

Those who purchase an ‘Anti-Piers Morgan’ ticket will be given warning before Piers, who has been dubbed ‘the most divisive man in British media’, enters the building, and will be invited to attend their own private session with no mention of Piers at all.

Attendees can even rest assured Piers won’t profit from them, as all ‘Anti-Piers Morgan’ tickets will be discounted by £30 – the portion of the ticket price that

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Barclays to cancel ‘Big Brother’ staff tracking system

Barclays has scrapped a system that tracked the time employees spent at their desks and sent warnings to those spending too long on breaks.

The bank introduced the computer monitoring system last week, but had faced a staff backlash.

Barclays said scrapping the system was a response to “colleague feedback”, but would not say if it was permanent.

The software, Sapience, claims to create “unprecedented transparency” within companies.

“It also determines when an employee goes offline for periods of time,” the software firm’s website says. A Barclays source said the tool was used to monitor the “effectiveness” of peoples’ time at their desks.

But in addition to sparking unease within the bank, it attracted criticism from privacy campaigners and HR professionals.

Silkie Carlo, director of privacy campaign group Big Brother Watch, said “intrusive monitoring” deprived staff of privacy in the workplace.

“Managers would never get away with breathing down employee’s

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