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Nearly all PPI complaints against Lloyds being upheld

With lenders abandoning their legal fight against paying back consumers who were mis-sold PPI, new research indicates that 90 per cent of PPI claims brought against Lloyds Banking Group have been upheld by the Financial Ombudsman Service (FOS).

According to This is Money, between 3.5 and four million policies were sold by the bank and its subsidiaries, including Halifax and Bank of Scotland. This has led to 31,000 new PPI cases so far, of which 90 per cent were upheld.

Royal Bank of Scotland is estimated to have sold between 1.6 and 2.4 million policies, with 70 per cent of the 11,000 PPI complaints upheld by the FOS.

For HSBC, the figures are slightly lower, with an estimated 1.25 million policies sold and only 40 per cent of the 10,000 PPI cases against the group upheld.

Santandar has so far witnessed 4,100 new PPI cases across its various subsidiaries, of which 43 per cent were upheld. It is estimated to have sold 800,000 policies, including subsidiary Alliance & Leicester.

Last week, the British Bankers' Association and Financial Services Authority estimated banks would need to pay out a total of £4.5 billion in compensation. However, some analysts believe this is a conservative forecast.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.ADNFCR-2776-ID-800535539-ADNFCR

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