Lloyds Banking Group has been cutting the compensation it pays to payment protection insurance (PPI) claimants, a BBC investigation has revealed. PPI expert Cliff D'Arcy told the BBC Lloyds had saved more than £60m over the past year by cutting compensation. Lloyds refused to be interviewed on the issue. It was offering the correct level of compensation in line with regulatory guidance, a statement said. Lloyds cites a little-known regulatory provision called "alternative redress". Alternative redress - also known as comparative redress - allows a bank, in specified circumstances, to assume that customers to whom it wrongly sold single-premium PPI policies would have bought a cheaper, regular premium PPI policy instead......Read more here