- Banking group CYBG said it expected to bear a 'material' cost following a spike in claims for mis-sold payment protection insurance.

The lender said it had received an increase in claims in the weeks leading up to a 29 August complaint deadline.

'The group is currently working to determine its final estimate of the volume of information requests and complaints to be processed,' it said.

'Determining the quality of the information requests received and the related financial impact will take several months.'

'However, the group is seeking to establish an initial cost estimate, which is expected to be material, and the group will update the market as soon as possible.'

At 1:13pm: [LON:CYBG] CYBG Plc share price was -0.5p at 140.15p

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