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Lloyds stop selling PPI

Lloyds Banking Group has confirmed it has stopped selling payment protection insurance (PPI).

All of the firm's brands, including Halifax and Bank of Scotland, will no longer sell the policies for loans, credit cards or mortgages.

Consumers will instead be offered a generic leaflet on PPI by the British Bankers Association.

Peter Vicary-Smith, chief executive of consumer group Which?, expressed his belief that other banks will also stop selling the product.

"Now it is the beginning of the end for PPI, banks need to get back to the drawing board and offer their customers insurance products that actually protect them when they need it," he said.

Lloyds cited the uncertainty surrounding the sale of the PPI as one of the main reasons for its decision.

Earlier this year, the Competition Commission announced that providers will no longer be able to sell the policies alongside other financial products.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800006945-ADNFCR



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