Commenting on the announcement today that Lloyds Banking Group is putting aside another £1 billion to compensate customers for mis-sold PPI and unfair mortgage practice, Tom Lyon, money expert at Uswitch.com, says: “Today’s announcement from Lloyds Banking Group is a clear reminder of the scale of the mistreatment of customers across the banking industry. This additional £700 million in PPI compensation and the £283 million for wronged mortgage holders shows that there is still a long way to go before the banks can put to bed the legacy of poor customer service and regain the trust of consumers.
“The Financial Conduct Authority’s investigation into Lloyds Banking Group’s treatment of its struggling mortgage customers has unearthed some behaviours that have clearly not taken homeowners individual circumstances into account.
“With Lloyds’ total PPI compensation bill currently sitting at £18 billion, it is a reminder to all those who think they have been mis-sold a PPI policy to contact your bank and register a complaint.
“If you have complained to your bank, but remain unhappy with the outcome, you can escalate your complaint to the free Financial Ombudsman Service. If it finds in your favour you will be entitled to keep all the money awarded, as opposed to paying a claims manager a fee of up to 40% of your compensation.”
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