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Lloyds mis sold PPI

In May 2011, Lloyds announced it was allocating £3.2 billion to deal with complaints regarding mis-sold payment protection. The announcement came after the High Court rejected the British Banking Associations (BBA) challenge of new Financial Service Authority (FSA) guidelines regarding the sale of the cover. The BBA represents the UK’s banking and lending industry and had requested the High Court review as it felt the FSA was forcing lenders to evaluate old policy sales by new standards. The FSA rejected this idea stating the new guidelines were not, in fact, new rules, but clarification of existing guidelines. The High Court’s ruling was seen as a major victory against mis-selling and it is hoped that the Lloyds mis sold PPI allocation will see claims, moving forward, examined more quickly with more complaints resolved in-house.

Lloyds is estimated to have sold between 3.5 and 4 million policies, including sales made through Halifax and the Bank of Scotland, and is thought to have already paid out around £200 million in compensation. The £3.2 billion figure is likely to include the cost of staffing and investigation as well as any compensation that may need to be paid.

If you are unsure whether you have Lloyds mis sold PPI and could be entitled to payment protection refunds you should consider the information you were given and the questions you were asked at the point of sale. If you do not feel you were given sufficient information regarding the terms and conditions of your policy or the costs it may considered mis-sold - similarly, if you were given information that was misleading or incorrect. You could also be entitled to make a claim if you felt under undue pressure to take out the cover or you believe you were sold a policy that was not suitable for you.

To find out more about making payment protection claims call 0207 471 0200.

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