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MSE News: Lloyds fined record £117 million for PPI failings
Former_MSE_Helen
Posts: 2,382 Forumite
The fine relates to a period from March 2012 to May 2013 when the group wrongly rejected many complaints...
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Lloyds fined record £117 million for PPI failings
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Lloyds fined record £117 million for PPI failings
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Comments
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Funny that the article talks about Lloyds "not playing fair" from MSE - yet no mention of the fact that Lloyds PPI complaints (based on BBC figures from news this morning) included around one THIRD which were totally fraudulent i.e. people sending in speculative complaints for accounts which didn't even have PPI.
I wonder how many of those liars will get a fine?Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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This fine was coming.
I worked as a case handler for Lloyds Banking Group during the period in question. We were specifically told to not uphold complaints when the customer had clearly not ticked the box to include PPI in their loan. The QA's rationale for this was because the loan agreement included a breakdown of the loan with the PPI and the customer signed the loan agreement they effectively agreed to the PPI (even though they had not ticked the box for PPI).
Incredible, it truly was an eye opener. If I could have - I would have upheld many more PPI complaints that what I did. I did not want to lose my job for making what they 'perceived' as a wrong decision so I had no option but to reject legit complaints. I apologise to those customers that I was forced to reject - I'm sure they would have had the complaint upheld at FOS so I hope they did take it further.0 -
They only agreed in part of my claims so does this mean a possibility i could be due more if things are to be reassesed?
The dates are when my claims would have been looked at.0 -
Funny that the article talks about Lloyds "not playing fair" from MSE - yet no mention of the fact that Lloyds PPI complaints (based on BBC figures from news this morning) included around one THIRD which were totally fraudulent i.e. people sending in speculative complaints for accounts which didn't even have PPI.
I wonder how many of those liars will get a fine?
and how many of them will cite MSE in their defence as this site actively encourages people to make complaintsIf the account's still open, or has been in the last six years, there may be sale records. So if there's a chance you weren't fully informed, make a complaint.0 -
addedvaluebob wrote: »and how many of them will cite MSE in their defence as this site actively encourages people to make complaints
Oh deary me.
For the uninformed this site tells one how to complain if they feel they have a valid compliant. A big difference.
Marty...0 -
Antonio Horta-Osorio should be fired.
As the CEO, he should have been aware what was happening and if he did, they should sack him.
If he did not know, then he is not doing his job properly and must be sacked.
We can no longer tolerate these muffins who live only for pure greed0 -
Marty_Hopkirk wrote: »Oh deary me.
For the uninformed this site tells one how to complain if they feel they have a valid compliant. A big difference.
Marty...
For the clearly uninformed, the quote is taken from Martin's own guide and makes no mention of validity or otherwise
If you think you had a loan and were not sure then make a complaint or like Marty here who is a contract law expert, who took 4 loans with PPI over ten years and has previously stated to have read all the terms and conditions which were signed when taking the loan and PPI, put in a complaint and see if you get lucky0 -
addedvaluebob wrote: »If you think you had a loan and were not sure then make a complaint or like Marty here who is a contract law expert, who took 4 loans with PPI over ten years and has previously stated to have read all the terms and conditions which were signed when taking the loan and PPI, put in a complaint and see if you get lucky
@addedvaluebob factually incorrect, as most of your post are.
Marty...0 -
COME ON BOYS --- this is not a thread for having a go at each other is it, this thread is all about LLOYDS BANK and the poor behaviour of the CEO, Antonio Horta-Osorio
For those of you that don't know, Horta-Osorio was the CEO when the PPI scandal broke, he went on leave for a few months due to a near nervous breakdown.
Clearly this man should resign and get out of the banking business as he seems to have no control on what happens at Lloyds Bank and has not learned the lesson from the last time. These people should be locked up until they learn to respect humanity and customers. It also makes you wonder where the companies get these people from ???
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@beamerguy every time I post on here @addedvaluebob posts and defame me.
Marty...0
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