Lloyds group boss slams fraudulent PPI claimants

Lloyds boss Antonio Horta-Osorio has hit out at the number of fraudulent claims being made against his group for mis-sold PPI, stating that out of the claims the bank received in February and March this year, a quarter were not valid as they were being made by people who had not taken out a product with Lloyds.

However, in an interview published in the Telegraph the banking group boss conceded: “What happened (with PPI) was unacceptable. Lloyds and HBOS sold this product for too long and with too much intensity. That is why I stopped it as soon as I became chief executive"

Many lenders and financial institutions saw a sharp rise in the number of people making claims for mis-sold payment protection insurance in the early part of 2012, following a more concentrated effort by claim firms to attract customers.

Horta-Osorio’s comments come after the Lloyds banking group announced that it is to raise its provision for the mis-selling of PPI by 12 per cent, taking it to £3.6 billion.

Earlier this week, the Guardian reported that companies, accountants and legal professionals working within the PPI claims industry could be set to take “at least £1 billion, and possibly £2 billion”, suggesting that the ongoing trend for people claiming back mis-spent PPI cash is likely to continue for the foreseeable future.

Clear Law Solicitors specialise in payment protection insurance claims and have helped thousands of clients to claim back the cash they have spent on cover which they were not aware of, or they didn’t need.

James Acheson, paralegal at Clear Law, said: “It’s disappointing that people are making false PPI claims, whether through deliberate deception or just confusion, but using a reputable and experienced service like ours can help avoid such issues and help clients get the results they need.”

“It is ironic that bank bosses are speaking out against fraudulent claims when the mis-selling of PPI is fraud itself. Many banks make it very difficult for clients to find out where they stand with PPI, demanding original documentation with signatures, which often leads to delays and the rejection of genuine claims,” he further noted.

http://www.clearlawonline.co.uk specialises in payment protection insurance claims of all kinds and experienced and knowledgeable staff make the claiming process simple and straightforward.

Get in touch with http://www.clearlawonline.co.uk if you are interested in claiming back money you could be owed.

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Andrew Kwan

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Clear Law Solicitors

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