Lloyds Banking Group has suspended its share buyback after a last-minute rush of compensation claims for mis-sold payment protection insurance (PPI), taking its total costs for the scandal to £21.8bn (€24.4bn).

Lawsuits and misconduct fines have cost Britain’s largest retail banks and customer-owned lenders almost £53 billion (€65.6bn) over the past 15 years, a new study has found.