One third of insurance claims in H1 related to the bank
Lloyds Banking Group accounted for 35% of insurance complaints to the ombudsman in the first half of 2010, the bulk of which relate to alleged mis-selling of payment protection insurance (PPI), according to Credit Suisse.
A note on Lloyds by banking analyst Jonathan Pierce, published this week, said: “The latest data from the ombudsman suggests that the bank [Lloyds] accounted for 35% of all complaints about insurance products - of which PPI complaints are the substantial majority - in H1 2010.”
Pierce estimated that the bank faces having to pay up to £1bn of compensation to customers who have complained about mis-selling. Lloyds declined to comment.
The Insurance Times Fair Fees campaign is fighting to reverse the hike in the Financial Service Compensation Scheme levy, which is fuelled by PPI claims.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
