Santander and Lloyds say many PPI claims were not legitimate
Spanish bank Santander has joined Lloyds in saying some customers made false claims over mis-selling to win compensation, The Mail on Sunday reported
Santander executive vice-president and deputy chairman of its UK subsidiary Juan Rodriguez Inciarte said: “The UK is a complicated market because people often complain they did not understand something and it’s not always true.
“When you invest in a product, you should know you could lose money. It’s human nature to complain when you lose money, not when you earn money.”
His comments come after former Lloyds chief executive Eric Daniels told MPs that many claims made by consumers about being mis-sold payment protection insurance were not legitimate. Daniels admitted that in the early days of the complaints process banks had simply paid up.
Banks have set aside more than £12bn to cover PPI mis-selling.
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