subject: Lloyds Group See Nearly 11500 Ppi Claims In 6 Months [print this page] With the figures released currently by the Ombudsman it shows that Lloyds group have had nearly 11500 ppi claims against it for the final 6 months of 2011.
This is a organization that set aside 3.2 billion as component of their accounts not too long ago and declared a loss for the year of 3.5 billion.
The interesting issue is that out of these complaints much more than 90% were upheld in favour of the consumer which brings me to ask the next question of Lloyds.
The UK Tax payer has a 42% stake in Lloyds and they have recorded a 3.5 billion loss so what is being accomplished about it by the government to guard the UK taxpayer?
Just after three circumstances every single business has to spend 500 to the Ombudsman for just about every case they get so why is Lloyds not reviewing their policy of complaints handling when this is adding to their fees?
If these 11500 instances had not gone to the Ombudsman then Lloyds could have saved 5750000 in fees alone and with the average case paying out 2500 to the consumer it just does not make sense to pay these fees to the Ombudsman when the outcome in more than 90% of the cases is in favour of the consumer.
As a UK taxpayer this is regarding that this bank thinks it appropriate to spend this quantity in charges for some thing it incredibly rarely wins and I as a single do not see any financial sense so what are the government thinking when they appear at these figures? Certainly they ought to ask some concerns of Lloyds as I cannot see any rationale behind paying these fees to the Ombudsman.
PPI claims are here for at least a different 3 years in my opinion and if Lloyds group continue in this vain then their final bill for dealing with missold ppi could be significantly additional than the 3.2 billion they have set aside to deal with it so certainly somebody inside the group must take note and re- evaluate the groups position for dealing with ppi complaints.
Lloyds bank also had 2788 complaints against it for banking and credit and this is just the bank not the group and when you add this to the charges they have currently paid you can see why it does not make economical sense for them to continue dealing with complaints in the manner in which they currently are carrying out.
Finally with this level of figures of complaints for 1 group what is the FSA performing about it as it is clearly a problem and once again in my opinion clearly shows that buyers are not becoming treated fairly whatever their complaint is with Lloyds group. One thing has to be accomplished particularly for ppi claims as this is not excellent for the consumer or the financial services business reputation.
