Ex-Lloyds boss defends PPI

City A.M. Reporter
FORMER Lloyds chief Eric Daniels yesterday claimed most PPI policies were not missold, and that banks had even paid out to customers who did not have insurance because of the overwhelming volume of complaints.

“I believe customers did know what they were buying. They got good value. In those cases where they were missold products, that clearly is wrong, but that is not the majority,” he told MPs and peers.

Lloyds has set aside a total of £5.3bn for compensation payouts.