Cost of PPI scandal now more than double the bill for the Olympics
Lloyds Banking Group's extra £500 million provision for mis-sold Payment Protection Insurance (PPI) now takes the total PPI provisions across all banks to a staggering £18.4 billion " more than double the cost of the Olympic Games (£8.9 billion). This is according to figures from Which? magazine.
There has been a noticeable drop in Lloyds' uphold rates, from 87% in the second half of 2011 to just 43% in the second half of 2012. Yet, in the second half of 2012, the Financial Ombudsman upheld 86% of Lloyds TSB's and 81% of Bank of Scotland's PPI complaints in the customers favour.
Which? executive director Richard Lloyd said: "We have repeatedly raised concerns with the banks, regulators and Financial Ombudsman Service about the worrying variation in quality of PPI complaint handling, and welcome further investigation from the regulator."
August 2, 2013
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