Lloyds news of dividend payments masks the real story of nearly £12billion in mis sold PPI compensation
Lloyds Bank is expected to announce that it will re-start dividend payments when it delivers its annual results on February 27th and the Treasury is set to receive £177.8 million as their dividend.
Solicitor Paul Cahill reflects on this news:
“When you read the reports in the media it all sounds so positive – Lloyds is now sufficiently stable that dividends can be paid again and it is anticipated that an increase in underlying profits will be announced. The share value is now in excess of the government’s minimum break price and the share price has doubled in the last three years.
“With all this positive spin it’s easy to overlook the fact that Lloyds holds one of the worst records for mis sold PPI. Their mis sold payment protection insurance bill is set to rise by £600 million and now totals nearly £12 billion – nearly half the PPI mis selling bill for the whole industry!
“These sums of money are staggering, as is the reported £7 million bonus that the chief executive Antonio Horta-Osorio is set to receive, indeed Lloyds has confirmed that they will be proceeding with a bonus payment for staff once again.
“We continue to work on behalf of countless clients who were victims of the PPI mis selling scandal to reclaim mis sold PPI and we’re also pursuing claims for some of these clients to refund additional charges that were triggered by the mis sold PPI.
“For many of our clients Lloyds isn’t a good news story as the media are reporting – it’s a horror story!”
Click here to find out if Paul and his team can help you with a claim for mis sold payment protection insurance – on a no win no fee basis.
Content correct at time of publication