PPI complaints against banks continue to rise
Payment protection insurance (PPI) complaints at Barclays and Lloyds Banking Group rose by up to 30% in the first half of this year compared to the previous six months and may yet rise further.
Barclays said there has been a 25% rise in complaints about PPI policies while Lloyds, the biggest PPI provider, said complaints rose 30%.
Banks face a bill of over £6bn to compensate customers who were wrongly sold the controversial loan insurance, after the industry lost a legal fight in April.
According to Reuters, analysts are now watching the pace of complaints to assess the final scale of compensation. There are about 12 million outstanding PPI policies.
Lloyds has made a £3.2bn
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