As if the smell of countless PPI claims was just too bad to bear Lloyds has thrown PPI out of it’s pantry and into the trash bin of financial products. Lloyds have withdrawn its Payment Protection Insurance (PPI) products across all brands and channels, meaning policies will no longer be sold to new customers of Lloyds TSB, Halifax, Bank of Scotland, Cheltenham & Gloucester and Black Horse.

Existing policy holders are unaffected by the change and instead of flogging new policies, customers will instead be given a pamphlet about PPI produced by the British Banking Association (BBA). A spokesperson for Lloyds said: “This move reflects the uncertainty around the regulation of PPI sales and processes. The Group believes further changes in regulation will make it uneconomic to continue to offer these products in their current form.”

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5. Missold PPI And Other Unwanted Products Are The Main Gripe Of The Financial Consumer