PPI revelations 'embarrassing' for Lloyds

Lloyds Banking Group has admitted shortcomings in the way complaints about the mis-selling of payment protection insurance have been handled.

The problems have been highlighted by an undercover reporter who worked at one of its centres.

The BBC's business editor Robert Peston told the Today programme: "These are pretty serious charges against Lloyds.

"They're particularly embarrassing for this big bank, which is 39% owned by taxpayers, at a time when MPs and Lords are putting the finishing touches to a report on how to improve standards in banks."

First broadcast on the Today programme on Tuesday 11 June.