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PPI claim: ex-Lloyds boss defends PPI selling

Eric Daniels, former boss at Lloyds Banking Group, defended that bank’s selling of payment protection insurance (PPI) in front of MPs on the banking standards commission.

He denied that the majority of PPI plans were mis-sold and said that the reason the cost to the banks is so high is that they have paid out for many false claims. He said banks had paid out for false claims is because they had received so many complaints that they could not cope.

Mr Daniels was the bank’s chief executive between 2003 and 2011. He had to give back his £580,000 bonus from 2010 when Lloyds began making provisions for PPI claims. Currently Lloyds has set aside a total of £5.3 billion in provisions for PPI claims, which is the highest amount of money set aside by any of the banks.

The PPI scandal has seen the most complaints put in about any banking product in Britain.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801540659-ADNFCR

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