PPI mis-selling 'could spark professional indemnity losses'

The huge mis-selling of payment protection insurance could trigger professional indemnity claims, a leading broker says.

Lloyds has set aside £3.47bn in compensation for PPI claims, and the overall compensation figure for all the banks could be as high as £10bn.

Lockton’s Chris Hewitt, executive director of risk solutions, said: “This is an interesting one because that is a huge number. Could there be a PI loss there?

“Well, certainly it’s mis-selling, it’s a negligence issue and there maybe something that is going to come out of that.”