Lloyds fined £4.3m for delayed PPI redress payments

Lloyds TSB Bank, Lloyds TSB Scotland and Bank of Scotland have all been punished by the Financial Services Authority (FSA) for "failings in their systems and controls" that resulted in up to 140,000 delayed customer repayments. 

The FSA ruled that between May 2011 and March 2012 LBG failed to repay complainants within 28 days of making a decision.

Of the 582,207 customers, 140,209 - nearly a quarter - received payment after 28 days.

In fact, some 8,800 complainants were not paid within six