Lloyds will no longer sell PPI

Lloyds Banking Group has informed about its refusal to sell payment protection insurance (PPI), which was bringing about a lot of controversy during the past few years. Thus, Lloyds will be the first bank to cease selling PPI.

A PPI policy covers loan repayments either fully or partially in the event of the loss of ability to work.

The Competition Commission is making efforts to ban the sale of PPI because of the misselling of millions of PPI policies.

In 2009, complaints about PPI misspelling made up nearly a third of all the complaint charges received by FOS.

A spokesperson for Lloyds said that if their customers decide to protect their financial commitments, they would be given an advisory leaflet about the insurance published by BBA.

A number of consumer groups embraced the decision made by the banking giant and expressed hope that other banks would do the same thing.
 


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