Statistics suggest that mis-selling at Lloyds has been more widespread than at its rival banks in the UK. So far, the bank has paid out over £5 billion in compensation to 1.5 million clients. Freshfields is a long-standing advisor to the bank. Its replacement is a blow to the firm - which, according to The Lawyer's sources, lost the appointment 'after the bank was forced to admit ‘issues’ with its PPI complaints procedure over the summer'. Although Freshfields was not implicated in this controversy, its mandate expired soon after and was not renewed.
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