31st October 2012
Lloyds Banking Group has been accused of wrongly rejecting swathes of payment protection insurance mis-selling claims.
The bank, which has set aside £4.3 billion to pay claims, is only awarding compensation to some mis-selling victims in between 15% and 35% of cases over the past two months, according to figures seen by MoneySavingExpert.com.
However, the bank's own data shows in the first half of the year its Lloyds TSB brand sided with consumers in a much higher 81% of complaints about insurance, of which PPI made up a large percentage. Its sister brand Halifax upheld 74% of insurance complaints in that period.
The change of tact appears to show a hardening resolve to reject claims, despite an apology from the bank in June 2011 for widespread PPI mis-selling over the past few years.
Source: Money Saving Expert
Posted in PPI, Mis-sold PPI, Lloyds Banking Group, UK