Citizens Advice response to Lloyds announcement on PPI
Citizens Advice Chief Executive, Gillian Guy said:
“We are really pleased to hear today that Lloyds is planning to settle PPI claims where redress is appropriate, after discussions with the FSA.
“We hope that other banks follow suit and customers will finallybeawarded the compensation they are due for mis-sold PPI policies that were far too expensive and completely unsuitable for their needs.”
In September 2005 Citizens Advice made a ‘super complaint’ to the Office of Fair Trading, calling on them to launch an investigation into the payment protection insurance (PPI) business, which at that time had an estimated 20 million policies in force and produced annual revenue in excess of £5 billion. Protection racket – CAB evidence on the cost and effectiveness of payment protection insurance, the report on which the super complaint was based, is available on the Citizens Advice website: www.citizensadvice.org.uk/protection_racket
Notes to editors:
- The Citizens Advice service comprises a network of local bureaux, all of which are independent charities, the Citizens Advice consumer service and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more see the Citizens Advice website.
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- To find your local bureau in England and Wales, visit citizensadvice.org.uk. You can also get advice online at adviceguide.org.uk
- You can get consumer advice from the Citizens Advice consumer service on 03454 04 05 06 or 03454 04 05 05 for Welsh language speakers
- Citizens Advice Bureaux in England and Wales advised 2.3 million clients on 5.4 million problems from October 2013 to September 2014. For full 2013/2014 service statistics see our quarterly publication Advice trends
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