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Lloyds urged to re-consider PPI withdrawal

Lloyds TSB has been urged to re-consider its decision to stop selling Payment Protection Insurance (PPI).

Earlier this week, the UK bank announced it would no longer sell the policies for any financial products including loans, mortgages and credit cards.

Sally Bowyer, managing director of financial services firm Brunel Franklin, expressed her disappointment at the decision.

She said: "Whilst we have been vocal critics of PPI mis-selling tactics in the past, PPI has, in theory, never been a bad product and we believe consumers should be offered some alternative products and guidance at point of sale, where appropriate."

Ms Bowyer claimed high-street banks should be able to offer the same accurate and reliable information on the products that many standalone providers do.

Lloyds said it was influenced by the Competition Commission's decision to stop providers selling the policies alongside other financial products. The firm claimed it would be "uneconomical" to continue selling PPI.

Posted by Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking. ADNFCR-2776-ID-800008431-ADNFCR

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