Lloyds Banking Group

Banking shares led the FTSE 100 lower late morning after Lloyds Banking Group revealed it had set aside £3.2bn to compensate customers for missold payment protection insurance.

Bailed-out Lloyds Banking Group has made a £3.2bn provision for the cost of mis-selling payment protection insurance (PPI), driving the bank to a loss in Q1.

Lloyds Banking Group has declined to comment on fresh speculation the company is looking to sell Scottish Widows.

The Japanese government has raised the severity of the crisis at the Fukushima Dai-Ichi nuclear plant to 7, a rating only previously applied following the 1986 Chernobyl disaster.

Lloyds Banking Group has confirmed four of its intermediary sales bosses have been asked to reapply for their jobs following the closure of Cheltenham & Gloucester for Intermediaries in March.

The Independent Commission on Banking has recommended UK banks' retail operations should be "ring-fenced" from their investment banking arms.

Nationwide Building Society has announced it is to restrict the maximum LTV of its interest-only mortgages to 75%.

IFAonline lists who has moved where in another busy week in financial services.

Lloyds Banking Group managing director Phil Loney has been appointed group chief executive of Royal London.

The Treasury Select Committee (TSC) is to investigate corporate tax avoidance amid public pressure for action on companies seen as paying less than their fair share.