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PPI policies are supposed to cover loan repayments if someone falls ill, has an accident or loses their job. The huge bill has pushed Lloyds into the red to the tune of £3.47 billion. Shareholders be warned. Taxpayers look out!
Angela Knight of the British Bankers' Association will be miffed to highest miffery. But she's been overseeing this bunch of legalised cowboys since she lost her seat in parliament in 1997 and saw the light touch of Gordon Brown and Tony Blair descend upon the profession of banking. Not much said whilst New Labour set about new banking.
Lloyds chief executive Antonio Horta-Osorio has basically stuffed the BBA's case. "We will no longer be participating in the BBA's judicial review," he said. "We do not want to continue a long-standing debate of this with the regulator."
Long-standing debate? This is no debate. He and his cronies have been engaged in a despicable money-making scam designed to maximise profits whilst leaving customers with a product that singularly failed to meet expectations.
We should have let the whole stinking ship sink whilst we had a chance. Even paying compensation to savers would have been better than see this black horse limp towards the knackers yard.
3 comments:
Mr. Tappin is leaving the UK wearing an orange jumpsuit and handcuffs. Get the humiliation in early, won't you. He denies all wrongdoing. But because of the draconian penalties for this charge - basically the prospect of dying in jail - he will no doubt be urged to plea bargain with some upstart public prosecutor. Quite wrong.
Lloyds chief executive Antonio Horta-Osorio has basically stuffed the BBA's case. "We will no longer be participating in the BBA's judicial review," he said. "We do not want to continue a long-standing debate of this with the regulator."
Anybody who has been mis-sold a PPI would be well advised to keep away from anyone suggesting they can assist in securing large amounts of compensation. Simple message is do it yourself without an intermediary!
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