Banks and lenders have so far only paid half of the total £30 billion plus PPI bill, according to recently released figures.
We revealed in our blog, ‘Banks to face further misery?’ That banks had actually paid back only £11.5billion to customers who were mis-sold PPI.
Lloyds banking group have been the single biggest contributor to PPI mis-selling, with over 50% of problematic policies attributed to them.
However, despite these considerable figures, Lloyds’ stocks and value is staying strong.
Industries insiders have claimed that this is partially to do with their scheme to help the UK economy by providing help to 5,000 new exports. It is hoped that 25,000 new exporters would receive help from the bank by 2020.
In 2015, Lloyds put aside over £2billion in the second period of the year. It has so far attributed to £4billion to the total cost of the PPI cost so far.
However, despite being a significant voice in the campaign to lobby the FCA into introducing a claim-by deadline, it has declared it is willing to spend over £400 million to improve digital technology for the new exporters.