Lloyds Banking Group Stops Selling PPI & MPPI

Lloyds Banking Group which includes such iconic brands as Halifax and Cheltenham & Gloucester, has stopped selling Payment Protection Insurance (PPI) across all of its five brands.

Lloyds stopped selling Payment Protection Insurance through its Lloyds TSB, Halifax, Bank of Scotland, Cheltenham & Gloucester and Black Horse brands on July 23 rd, saying it was uneconomic to continue selling the products given the uncertainty over future regulation. The bank will honour Payment Protection Insurance applications on loans and credit cards until July 31 st and Mortgage Payment Protection Insurance applications until November 20 th but will no longer accept new applications.

Argent Consulting Comment

This decision is a clear result of the Competition Commission rule in May (see News Release ‘Point of sale ban to go ahead‘), that it would continue with its plans to ban ‘point of sale’ PPI and MPPI . Argent Consulting is able to offer independent advice on PPI and MPPI from our panel of insurers, we are also in a very strong position to be able to offer Lloyds Banking Group customers large savings on their PPI and MPPI policies, often with increased benefits.

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