PPI payouts knock down Lloyds profits but boost British shoppers

Around 12 million consumers have claimed a payout since 2011 and most people spend the windfall immediatelyIt is difficult to remember a year when the British consumer was forced to cope without the proceeds from a mis-selling scandal.The payment protection insurance (PPI) scandal has proved to be the most lucrative, punishing banks with fines of £22.5bn and administrative costs of another £8-9bn for attaching the expensive insurance cover to credit cards and loans without consumers&