Uswitch comments on Lloyds setting aside another £1 billion in PPI compensation
Commenting on Lloyds Banking Group’s latest earnings announcement, in which it said it would be setting aside another £1 billion in PPI provisions, Tashema Jackson, money expert at Uswitch.com, says: “The announcement from Lloyds Banking Group that it is to set aside an additional £1 billion to compensate people mis-sold PPI, shows that there’s still a long way to go before the industry can draw a line under the biggest mis-selling scandal in history.
“The total now set aside by Britain’s biggest bank to cover the mis-selling of PPI is now over an eye-watering £33 billion. Given the regulator is consulting on a deadline for PPI, it is important that consumers get their complaints in sooner rather than later.
“If people think they’ve been mis-sold a PPI policy, they should complain to their bank. If they remain unhappy, they can escalate their complaint with the free Financial Ombudsman Service – and will be entitled to keep any compensation awarded themselves.”
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