McHale & Co. Solicitors Blog

Lloyds in the spotlight for all the wrong reasons (again!)

Lloyds has admitted shortcomings in its handling of PPI complaints at a centre setup to deal with PPI mis-selling. An undercover Sunday Times reporter has reported how staff were taught to “play the system”, and to ignore possible fraud by Lloyds salesmen. The way that they and their solicitors conduct  themselves in relation to claims brought by clients means that we are  sad to say that  this really doesn’t surprise us.

In response to the claims made by the Sunday Times Lloyds has said that it had identified the problem independently, and that the centre was operated by a third party, Deloitte. 

The above raises serious questions about the FCA Review of interest rate swap selling. As part of this process the banks have agreed to review sales made to customers and then decide whether or not they are entitled to redress. Clearly the bank has a vested interest in deciding against the customer. The FCA are not involved in the review. An “independent reviewer” is appointed by the bank to ensure that the review process is fair. Deloitte act as independent reviewer for at least 2 of the 4 major banks.

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