Lloyds Banking Group raises PPI bill by a further £1bn

Lloyds Banking Group has set aside a further £1bn to cover compensation for customers who were mis-sold payment protection insurance (PPI).

It brings the bank's PPI bill to £5.275bn so far.

The further provision means Lloyds has been pushed into a loss of £144m for the third quarter of the year.

Simon Gompertz reports.