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Has anyone seen any specific details regarding the number of claims that Lloyds received in the final two month window of 2019. Or the ratio of upheld to rejected. I would reiterate again that besides the £2.45 Billion set aside in 2019, Lloyd's had an additional £1.3 Billion unused in March 2019. At an average settlement of £2,500 that allows 1.5 Million payments to be made. Apparently, there are approximately 6,000 staff or agency workers employed directly on this PPI debacle. And still the Board enjoy their a la carte lunches and quaff their wine, safe in the knowledge that no one will ever be prosecuted for the greatest fraud in UK banking history.
Rich
''no one will ever be prosecuted for the greatest fraud in UK banking history.''
I would suggest that the majority of people taking out PPI knew that they had it, but have made a 'fraudulent' claim anyway.
It's remarkable Lloyd's have stayed solvent. They've paid out 23bn. Their CET1 capital is 25bn. Their tier 1 is only 30bn. They've essentially paid out the equivalent of their entire CET1 over a period 10 years. Imagine if they'd not had that cost? Amazing they've remained solvent.
One less bump in the road to recovery ,imagine now if the economy recovers a little
''Imagine if they'd not had that cost?''
They haven't got that cost anymore, so people should put that into their future investment calculations.
Easy pickings. I put in a claim for my and my wifes parents...it was never questioned.they just paid out...its kept the economy afloat at expense of the shareholders...
lti, whether that is the case for not, the Banks systematically and deliberately added ppi to loan agreements and the training and procedures for staff to facilitate this will have been formalised by the Boards and passed to Managers and Department Heads to carry out. The whole affair was an organised campaign in how to mis sell and sadly there is no one behind bars. No doubt one day another will rear it's head but until then, there is no visible deterrent.
Tourdecit you do realise you've essentially stolen from shareholders? Not something to be proud of. Is your next venture breaking in to your neighbours?
I stole nothing. Please read again
tour
Precisely.
Virtually everyone who knew they had PPI but hadn't used it have put in a claim, in addition to the few that didn't know that they had it.
It's a something for nothing culture.
Ok fair enough tour. I think to paint these ppl as ppi victims is beyond the pale really.
Correct.
The vast majority knew they had PPI. They have been rewarded alongside the few who were not made aware The regulators couldn't distinguish between the 2 groups and so have allowed everyone who didn't use PPI to make a claim.
If PPI was so lucrative for Lloyds as to warrant the return of about £23,000,000,000 to claimants then maybe they should reintroduce it.
Makes you wonder where this shareprice will be in couplecyears time now its over..definitely honding onto my stock and teinvesting the divs
Sound set of results again and an inflation-busting dividend yield.
With PPI out the way now, the housing market starting to pick up and Brexit trade deals inbound, the UK Economy should hopefully provide a fillip for Lloyds.
Buybacks will probably be introduced next year.
We got £4k cash back from PPI. Equivalent to a +10% net gain on £40k of Lloyds stock. It was great.
Skier with that work ethic you should pursue a career at HMRC! Was your family motto, "take em for all you can son".
To put it into perspective, if the PPI compensation had been paid out as dividends, each share held would have received 31.5p. It is mind blowing how the shareholders have been treated by successive Boards.
I seem to be in a minority. I had PPI for a time. I knew what it was for. No one twisted my arm. I never claimed on the policy nor did I claim subsequently. I got what I paid for.
No more PPI start of a new era for Lloyds
I dont understand your ethics..you were a shareholder watching all around you rip off the bank and yourself.
Claiming PPI was at least a way or gettimg back some of the losses that you have suffered over the time
I calculate it at 31.4p Rich. But truly staggering sum.
Many moons ago I took out a couple of low interest home improvemnt loans with Barclays and I was totally unaware that the repayments included PPI as this information was most likely buried in the 10 or so pages of small print and not mentioned in any of the cover letters I received from the bank. Interestingly, before I had even heard about miss selling of same I received a letter from Barclays offering me £ 500 or so to "compensate" me for "unspecified errors" to do with "previous transactions" and that if I accepted their offer it would preclude me taking any further action against the bank. I do not bank with Barclays and had always paid off my Barclaycard balance in full each month, so the transactions could only have been the loans, but as I say the letter was completely vague. I took the cash and thought nothing more of it until a year or so later when the s**t hit the proverbial. So the banks clearly knew well in advance that they had transgressed and my sympathy for them is therefore nil, nada, zero.
"Claiming PPI was at least a way or gettimg back some of the losses that you have suffered over the time"
Sorry, but I was never brought up to be a thief.