The former head of Lloyds Banking group's retail division has apologised for the mis-selling of payment protection insurance and said she regrets the damage it has caused the banking industry.
Helen Weir, who headed the bank's retail arm between 2008 and 2010, after four years as Lloyds' chief financial officer, told MPs she was sorry for her part in the operation, in which millions of customers were sold useless insurance policies alongside credit cards and loans.
Weir, who is now the finance director at John Lewis, told the parliamentary commission on banking standards: "I acknowledge the mis-selling of PPI across the industry and at Lloyds and apologise wholeheartedly for my part in that."
Weir admitted sales of the insurance had subsidised loss-making unsecured loans, but told the committee she had acted in good faith and believed PPI was a good product.
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