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Bank claim: Co-Operative Group sells insurance arm

The Co-Operative Group has said that it will be selling its insurance business as a means to boost profits.

It made this announcement after revealing that it incurred substantial losses last year.

Part of the reason for the group’s losses were due to Co-Operative bank’s involvement in the mis-selling of payment protection insurance (PPI).

Co-Operative is one of many banks across the UK that has had to set money aside to pay for customer claims on mis-sold PPI. The Financial Ombudsman said that it receives thousands of complaints from customers every week about PPI as it is now the most complained about banking product in British history.

Other customer claims that cut back the Co-Operative Group’s profits last year included mis-sold mortgage and insurance loans.

Despite selling its insurance arm, the Co-Operative Group says that it still intends to buy 632 bank branches from Lloyds banking Group in a project titled Verde.

However, experts have questioned whether this deal will go ahead following the departure of Co-Operative Bank’s chief financial officer James Mack.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801560210-ADNFCR

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