Naughty Lloyd's is fined £28 million
Lloyd’s will be reeling today after being fined a record breaking £28 MILLION by the Financial Conduct Authority, for mis-selling insurance products nobody would ever need.
The watchdog, which was set up in April to investigate the dodginess, even added 10% to the fine because Lloyd’s were already warned by their previous incarnation, the Financial Services Authority, but carried on merrily selling crap like credit card insurance and extra cover in case you’re killed by a lion.
The FCA also revealed the amount of pressure that sales staff were under to sell these products. They said in a statement:
‘The incentive schemes led to a serious risk that sales staff were put under pressure to hit targets to get a bonus or avoid being demoted, rather than focus on what consumers may need or want. In one instance an adviser sold protection products to himself, his wife and a colleague to prevent himself from being demoted.’
From January 2010 to March this year, beleaguered Lloyd’s employees frantically sold over a million useless products to around 700,000 people – including themselves - totaling £2 billion pounds.
'Would I like to buy some PPI? Yes please, I would, otherwise I'm going to lose my job.'
We shouldn't be surprised by now, but that is some INSANE GREED.