Qualified advisers answering your
Financial Questions
call 0800 092 1245

PPI complaints soar at taxpayer funded banks

It has been revealed that taxpayer funded banks such as Lloyds TSB and Northern Rock have been receiving substantial complaints from customers regarding their PPI sales. This particular type of loan payment protection insurance has received significant criticism from both customers and regulators alike and the industry watchdog has already issued a number of warnings. However, Lloyds TSB, Northern Rock and Barclays Bank may well be named in a report later this year where complaints statistics will be issued.

PPI income has proved to be very lucrative for a vast array of UK financial institutions although the regulator has effectively issued the death-knell for PPI, which will be phased out later this year. However, the historic complaint numbers could make uncomfortable reading for a number of UK banks as the regulator gets tough!

Niche areas for the UK banking industry such as PPI and mortgage insurance have proved very lucrative for a number of years. However, the regulator has been very proactive in these areas of late, increasing customer choice where possible and introducing stricter guidelines. Many believe that the ongoing increase in the regulatory framework will backfire on customers in due course with the age of "free banking" rumoured to be coming to an end.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details