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Which? welcomes Lloyds' PPI compensation figures

Which? has welcomed the fact that Lloyds has increased the amount of money it set aside for payment protection insurance (PPI) refunds.

Chief executive of the consumer advocacy group Peter Vicary-Smith said this indicates the PPI misselling problem is set to become the UK's "biggest consumer financial scandal of all time".

This will exceed other issues such as the endowment mortgage problem and the misselling of pensions to members of the public, he remarked.

"It's good that Lloyds are setting aside more money for PPI claims," the representative added.

The firm revealed in its biannual results that it is setting aside a further £700 million for PPI compensation claims, which resulted in the bank reporting a £439 million half-year loss.

Mr Vicary-Smith also said he is pleased to see that Lloyds intends to ring-fence its retail and investment arms before the deadline in 2019.

"Consumers need to be protected from the corrosive effects of the investment banking culture," he stated.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801416242-ADNFCR



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