Lloyds revealed that it is only halfway to resolving all the PPI policies the bank has sold since the year 2000. Investors were shocked when the bank said it had only resolved half of the 15 million PPI policies. The UK bank had added £700m to its refund package. The bank had hoped its earlier allocation in 2016 would be the last.
The taxpayer-backed bank said it had sold an estimated 15 million PPI policies with mis-sold products unaccounted for. However, the bank’s total bill of £18bn is about to increase in the coming years before the resolution of PPI in 2019.
UK Watchdog the Financial Conduct Authority had set a PPI claims deadline to urge consumers to make a claim rather than put it off. However, consumer groups fear that the campaign is in vain because the elderly customers, which may have no TVs and are not fond of technology, can be left out by the £42.2m advertising campaign.
According to the Financial Ombudsman, it received 80,234 new complaints between April and June, but reports fewer payment protection insurance claims were upheld. Only 40 per cent were held in favor of customers during this period. PPI still dominates the queues of complaints taking 42,401 of the total complaints processed.