State-owned Lloyds Banking Group has been hit with a £117m fine by the Financial Conduct Authority (FCA), the "largest retail fine" it has ever issued.
The latest fine follows a £218m penalty issued by the watchdog late last year for Lloyds part in the international rate rigging scandal. Today's fine is linked to payment protection insurance (PPI) complaint mishandling. The regulator said Lloyds Bank Plc, Bank of Scotland Plc and Black Horse Ltd (together Lloyds) failed to treat customers fairly when handling PPI complaints between March 2012 and May 2013. It said during the relevant period Lloyds assessed customer complaints relating to more than 2.3 million PPI policies and rejected 37%. The FCA said firms are required to ass...
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