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The FCA has issued its largest ever retail fine to Lloyds Bank Plc, Bank of Scotland Plc and Black Horse Ltd.
http://www.fca.org.uk/news/lloyds-banking-group-fined-for-failing-to-handle-ppi-complaints-fairly
Examples of how customers lost out as a result of Lloyds’ failings included that:
http://www.fca.org.uk/news/lloyds-banking-group-fined-for-failing-to-handle-ppi-complaints-fairly
Examples of how customers lost out as a result of Lloyds’ failings included that:
- Complaint handlers justified the decision to reject customers’ complaints on the basis that the sales process used by Lloyds was robust, when Lloyds knew there were significant sales process failures and mis-selling.
- Some customers whose complaints were rejected were told that their complaint had been ‘fully investigated’ with ‘appropriate weight and balanced consideration [given] to all available evidence’, when this was not the case.
- When assessing a customer complaint, the customer’s account of what had actually happened at the time of the sale was not always considered in a balanced way.
- Due to poor customer contact processes, some customers may not have had an opportunity to provide further evidence needed for complaint handlers to reach a fair outcome for their complaint.
- The Final Notice for Lloyds Banking Group.
- Examples of how Lloyds’ misconduct affected actual customers.
- Between January 2011 and March 2015 a total of £19.2bn was paid out across the industry to consumers who complained about the way they were sold PPI. As at 31 December 2014 Lloyds had made a total provision of £12.025bn in relation to the mis-selling of PPI.
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