Lloyds Bank hit by record £117m PPI fine
Regulator slams bank’s unacceptable conduct in mishandling claims.
The Financial Conduct Authority (FCA) has fined Lloyds Bank £117m for failing to treat customers fairly when handling Payment Protection Insurance (PPI) complaints between March 2012 and May 2013.
It is the largest ever retail fine from the watchdog and runs across Lloyds Bank Plc, Bank of Scotland Plc and Black Horse Ltd which together form Lloyds.
During the relevant period Lloyds assessed customer complaints relating to more than 2.3m PPI policies and rejected 37 percent of those complaints.
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