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Lloyds announces further PPI hit

Over the past few weeks, there have been many experts predicting that major UK banks would note increased Payment Protection Insurance (PPI) liabilities in their half-year income reports. Now, Lloyds has shown that profits have taken another hit of £700m, directly because of missold PPI. Setting aside their latest sum of money to deal with Read the full article…

Lloyds to claw back more bonuses as PPI problems continue

It has been announced that Lloyds are looking to claw back even more bonus packages because of the huge financial losses being noted from missold Payment Protection Insurance (PPI). The bank has currently had to set aside £3.57bn to pay missold PPI compensation back to consumers who were wrongly sold insurance. However, this still may Read the full article…

Lloyds Stop PPI Sales

Lloyds Banking Group have stopped the sale of Payment Protection Insurance and other banks are expected to follow. The group has made the decision after the Competition Commission said earlier this year that the sale of the PPI cover would be banned alongside credit agreements. Instead, providers will have to wait seven days before contacting Read the full article…