Which? response to Lloyds PPI provision announcement

Which? executive director Richard Lloyd said:

“Lloyds’ latest increase in provision for Payment Protection Insurance (PPI) compensation takes the total amount set aside by the banks to a whopping £15.6 billion, making PPI the biggest financial mis-selling scandal of all time. After a year of scandals the banks should be doing all they can to win back badly damaged consumer trust, and help people entitled to a legitimate refund to get their money back quickly and without any hassle.

“The banks should publish updates on the amount of compensation they’ve paid back, and claw back bonuses from executives who presided over the mis-selling. The public will be rightly outraged that bankers are getting huge bonuses despite their failings.

“Justifiable levels of pay and bonuses, individual accountability, and properly enforced professional standards are urgently needed to change the culture of banking. 2013 must be the year that we finally see big changes in banking, with banks that work for customers, not bankers.”

Notes to Editors

If you think you’ve been mis-sold PPI, it’s easy to claim it back yourself for free. Just visit www.which.co.uk/ppi and follow our free, quick and easy guide to making a claim.

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