FCA fines Lloyds Bank £90.7m for failings in home insurance renewal letters
The regulator says LBGI sent renewal communications including misleading language between 2009 and 2017.
The Financial Conduct Authority (FCA) has fined Lloyds Bank (LBGI) £90.7m for failing to ensure that language contained within millions of home insurance renewals communications was clear, fair and not misleading.
The regulator stated that, between January 2009 and November 2017, LBGI had sent nearly 9m renewal communications to home insurance customers claiming they were receiving a “competitive price”.
However, the FCA argued that LBGI did not substantiate this claim by taking steps to check
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