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News

Lloyd's Banking Group 'Worst Offender'

In the midst of the controversy surrounding missold payment protection, new figures have revealed that the Lloyds Banking Group – one of the largest financial institutions in the UK – are by far the worst offenders in terms of complaints received by the Financial Ombudsman Service.
Missold payment protection has made a massive increase on the workload of the FOS – a financial watchdog that deals with a variety of different issues. The FOS has been dealing almost totally with complaints regarding PPI in the last couple of years, with over 37,000 complaints received in just the first six months of this year. With over 12,750 of those cases relating to Lloyds TSB, the bank has been given a solid indictment of it’s services. It also raises awareness for any other Lloyds customers, who will hopefully now be aware of the possibility that they may have been mis-sold payment protection.

With 86% of the complaints made to the ombudsman regarding Lloyds being upheld, the bank has obviously been very responsible for the vast increase in complaints regarding missold payment protection, which increased by 23% in the last four years.

Other offenders included Barclays, about whom 2,205 complaints were made (with 95% being upheld) and the Bank of Scotland (1,548 complaints, but only 43% upheld).

With more awareness being raised everyday regarding PPI, is likely that the number of complaints will continue to increase.

To find out more about missold payment protection, and to see how you could claim back up to £25,000, fill in our contact form here.

Posted by Shaun Edwards on 14 Sep 2010

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