Reaction to Lloyds shortchanging on PPI

Lloyds Banking Group has been cutting the compensation it pays to payment protection insurance (PPI) claimants, a BBC investigation has revealed. Commenting on the developments, Charlotte Webster, Campaign Director, Move your Money said:

“This latest scandal within a scandal demonstrates that Lloyds is not willing to take responsibility for its mistakes. In 2012 the FCA said the bank had 18 months to clean up its act, it hasn’t. Meanwhile, its CEO Antonio Horta-Osorio is rewarding himself with a hefty bonus. This behaviour is simply out of touch with society, which is why people across the country are putting their foot down and saying ‘no’ to the big banks. There is huge demand for better banking, millions are already moving their money to financial institutions that show respect for their customers. Only today, the City of Preston announced it is working with residents and businesses to move the city’s money into better banks. The question is not if another city will follow, but will there be any that don’t. The Move Your Money scorecard ranks over 70 banking institutions and showcases the alternatives available.”

This story was originally published at moveyourmoney.org.uk in 2014.