Which? blasts banks for challenging PPI ban

As Lloyds Banking Group adds its weight to Barclays' challenge of the Competition Commission's (CC) point of sale ban for Payment Protection Insurance (PPI), Which? chief executive, Peter Vicary-Smith, says: "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.

"PPI has been dissected and discredited through numerous investigations and FSA fines and the Financial Ombudsman continues to uphold the majority of complaints in favour of the customer. We can't understand why Barclays and Lloyds seem intent on swimming against the tide."

Which? wrote to Barclays on 8 April 2009 and will also be writing to Lloyds Banking Group to express its concern that the banks have decided to challenge the CC's point of sale ban.

Which? research shows that up to 2 million people may have been sold a PPI policy they will never be able to make a claim on, while evidence submitted to the Competition Commission shows that customers appear to be overcharged by over £1.4 billion a year.

Go to which.co.uk/ppiclaim for information on how you may have been mis-sold and to send a complaint to your provider.