Meanings of mis-sold insurance in English

Britain's banks are paying out millions of pounds of compensation to customers mis-sold insurance policies.

Compensation payments for mis-sold insurance dragged the bank to a statutory loss of 439 million pounds.

It paid or set aside $3.4 billion on items such as the forex fine and compensation for UK customers mis-sold insurance products.

The bill for mis-sold insurance at Lloyds spiralled to nearly £10 billion today after the taxpayer-backedbank admitted it is set for another 550,000 complaints.

It made a 1.7 billion pound profit in the first quarter, but will take a 900 million pound provision for mis-sold insurance policies in Q2.

Australia's second-largest insurer Insurance Australia Group fell as much as 1.7% after agreeing to a class action settlement of A$138 million over mis-sold insurance.

Lloyds Banking Group, Britain's biggest mortgage lender, slipped 3.1% after a further charge to meet claims for mis-sold insurance to consumers hit its earnings.