Lloyds supports Barclays challenge of payment protection insurance ban
Wed, 06 May 2009
Lloyds Banking Group has been criticised for its decision to support Barclays' challenge of the Competition Commission's (CC) point of sale ban for payment protection insurance (PPI).

FTAdviser.com recently announced that Barclays had been given a date for its appeal, which is scheduled to take place over four days beginning 7 September 2009. In their case to the Competition Appeal Tribunal (CAT) against the Competition Commission's 23-month investigation into PPI, it's expected that the banks will argue that the products should not be banned at point of sale.

However, given that 65 per cent of the banking group is now government owned, consumer watchdog Which? has condemned Lloyds involvement in the matter.

Which? chief executive Peter Vicary-Smith said: "It's outrageous that a taxpayer-backed bank is challenging the Competition Commission for the right to sell a rip-off product to the very taxpayers who bailed it out. Barclays and Lloyds should focus their energies on developing decent products that offer genuine, affordable protection."
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