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Ex-Lloyds banking boss apologies for PPI scandal

The former head of the Lloyds Banking Group retail division has apologised for the payment protection insurance (PPI) mis-selling scandal.

Helen Weirs, who headed up the department between 2008 and 2010 after spending spending four years as the bank's chief financial officer, said she regrets the episode and the impact it has had on the financial sector.

"I acknowledge the mis-selling of PPI across the industry and at Lloyds and apologise wholeheartedly for my part in that," she said, adding that she believed it was a good product.

"What I am very clear about, both from research and from listening to customers is that this was a product that met very important financial needs for customers who wanted peace of mind were they to fall into difficulty."

Lloyds has had to set aside more than £5 billion to compensate customers who were mis-sold PPI, which led to a quarter three loss of £144 million last year.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801526650-ADNFCR

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