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Lloyds receives 1.4m PPI complaints in a year

by Daniel Grote on Feb 27, 2013 at 09:09

Lloyds receives 1.4m PPI complaints in a year

Lloyds Banking Group has published new figures showing it received nearly 1.4 million complaints related to payment protection insurance (PPI) during 2012.

It has published complaints figures for the second half of last year, showing it received 658,289 related to PPI. That is down on the 727,000 it recorded for the first half of last year, but takes the total for 2012 to almost 1.4 million.

It reported a rise in investment complaints, with 6,829 recorded in the last half of last year, up 23% on the level recorded for the first six months of 2012.

The Financial Services Authority fined Lloyds £4.3 million earlier this month after up to 140,000 customers had their PPI compensation payments delayed.

2 comments so far. Why not have your say?

Hickky

Feb 27, 2013 at 11:47

So Lloyds also inherited the HBOS complaints, most originating before they took over. So Lloyds are being shown to be the bad guys here, but do not overlook the fact that if Gordon Brown had not have invoked the old pals act and forced Lloyds to take over without due process (Barclays had already said 'no way') then it would have been the surviving regulated firms that would have had to pick up the FSCS bill. HBOS were on the verge of declaring bancrupcy.

This aquisition has ruined Lloyds in the short term. GB said he would fix the competition and mergers people, but could not fix the EU, so my local Lloyds branch will be owned by someone else under project verde. The chairman who took HBOS has gone, the bank had to borrow billions and is now has the state as its major shareholder. Only time will tell if this merger did Lloyds any favours, I think not. Prior to GBs involvement, Lloyds was the least racy of our big banks, had little involvement in toxic assets, had a good balance sheet and was considered dull. I have no doubt it wrote many PPI contracts that have since been classified as 'unsuitable', but it was not the worst in that regard. Halifax sold a limited range of mainly unsuitable investments aggressively, how many of the investment complaints stemmed form them?

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Julian Stevens

Feb 27, 2013 at 19:24

And how many of these complaints were via CMC's?

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