Lloyds was accused of ‘stretching credulity’ yesterday for claiming the PPI mis-selling scandal was the result of a ‘misunderstanding’ with the regulator.
Helen Weir, who was chief financial officer and then head of retail distribution at Lloyds, apologised for her role in the debacle which has so far landed Lloyds with a £5.3billion compensation bill.
But Weir and former chief risk officer Carol Sergeant defended their actions, claiming the City watchdog failed to raise any concerns about PPI when it investigated in 2005.
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