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Lloyds slapped with £117m fine for PPI miss-sale
LLOYDS Bank was slapped yesterday with a record £117 million fine by the City regulator over the way it handled mis-selling complaints.
The Financial Conduct Authority (FCA) found that the banking group had wrongly denied compensation to customers over payment protection insurance (PPI) — the wider scandal that has already cost Lloyds £12 billion.
Between March 2012 and May 2013 the state-backed group assessed customer complaints relating to more than 2.3 million PPI policies of which 37 per cent were rejected — many of them wrongly.
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