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News

Lloyds Vulnerable To ‘£1bn Misselling Hit’

In the latest in a long line of recent revelations regarding missold payment protection, an industry analyst has revealed that Lloyds has made itself vulnerable to a massive £1bn in payment protection repayments following the revelations that the banks had been found guilty of overcharging and misselling customers payment protection insurance on their credit cards.

With a lot of customers still unsure about PPI law and rules, it is uncertain just how many of them will actually come forward and make claims. However, analyst Jonathan Pierce has stated that he believes the Financial Services Authority’s estimates as to how much Lloyds may owe under-estimates the scale of the problem.

Lloyds has never actually made public exactly what figure it expects to be liable for regarding missold payment protection. However, it also caused a storm recently when it put on hold the large amount of PPI claims currently in operation pending the results of an upcoming judicial review regarding the situation.

Mr Pierce has made this estimate as a result of the £375m charge that Bank of America Merrill Lynch took last week following it’s third quarter earnings, stating that ‘simply pro-rating the Bank of America charge we think that the Lloyds figure could be over £1bn.’

In the years since 2005, the PPI revenues at banks reached a huge £17bn, with the FSA considering a significant amount of the revenue to have come from mis-selling.

For more information on PPI law and rules, and to see how you could claim up to £15,000 of missold payment protection, contact Creditline Financial now by filling in our form here.

Posted by Shaun Edwards on 26 Oct 2010

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