How big is £20 billion?
I see today that Lloyds Bank have set aside a further £1.8 billion against their liability for the mis-selling of payment protection insurance (PPI). The provision for all banks is now almost £20 billion. £20 billion! What could you buy for £20 billion? You could pay the wage bill of Liverpool football club for 148 years, buy a fleet of £1,538 luxury yachts, stay at the £51,000 per night Penthouse Suite at the Hotel President Wilson, Geneva for 1074 years or possibly buy almost 4000 tons of Eurpean white truffles.
If this is the amount they have set aside for compensation, how much must they have earned from the mis selling of these products in the first place? And all this over a simple income replacement product. It beggers belief.
Now tell me that you would trust the banks with advice on your insurances? And before you do, may I point out that there are very few independent insurance brokers who have been tarnished with the PPI mis-selling brush, virtually all of these were sold by banks and credit brokers.
Make financial decisions with trust at the heart of the relationship.