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Former Lloyds boss puts FSA at fault with PPI

An ex-Lloyds Banking Group boss has shifted some of the blame for the payment protection insurance (PPI) mis-selling scandal to the Financial Services Authority (FSA).

A report by Citywire revealed how Carol Sergeant, former chief risk officer at the bank, told the Parliamentary Commission on Banking Standards sub-committee that the organisation was under scrutiny from the FSA between 2005 and 2008 but it did not raise any concerns over PPI sales at the time.

She said that if dialogue was better between Lloyds and the FSA then the rules in place would have been better understood.

"It was a continuous period of improvement—with the benefit of hindsight—we should have had more deep conversations with the FSA about how they would implement the principles in practice," she told the hearing.

Lloyds has so far had to pay more than £5 billion in compensation to customers who were mis-sold the product, and reports late last year suggest the bank may be wrongly rejecting complaints.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801526954-ADNFCR

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