record fine for lloyds bank for complaints
Last Updated : GMT 09:28:14
Arab Today, arab today
Arab Today, arab today

Record fine for Lloyds bank for complaints

Arab Today, arab today

Arab Today, arab today Record fine for Lloyds bank for complaints

Lloyds Banking Group
London - AFP

British regulators on Friday said they had fined Lloyds Banking Group £117 million ($179 million, 160 million euros) for unfair treatment of customer complaints after they were mis-sold an insurance product.

The Financial Conduct Authority (FCA) said it had issued its largest ever retail banking fine to LBG "for failing to treat their customers fairly when handling Payment Protection Insurance complaints between March 2012 and May 2013", according to a statement.

It comes after Lloyds and other British banks had already been ordered to compensate customers for mis-selling PPI insurance products -- a move that has cost the lenders an estimated £26 billion to date.

Lloyds' bill is the highest at about £12 billion, while the total amount set aside by lenders for PPI compensation is far higher than the fines handed to banks around the world for the rigging of foreign exchange and Libor interest rate markets.

"If trust in financial services is going to be restored following the widespread mis-selling of PPI, then customers need to be confident that their complaints will be treated fairly," said Georgina Philippou, FCA acting director of enforcement and market oversight.

Lloyds, which remains 19-percent owned by the British government following a bailout in the wake of the 2008 financial crisis, apologised to customers affected and said £2.65 million worth of bonuses was being withheld from executives under the settlement agreed with the FCA.

The group's total bonus pool for 2015 will meanwhile be cut by about £30 million as a result of the fine.

"Whilst our intentions were right, we made mistakes in our handling of some PPI complaints," LBG chief executive Antonio Horta-Osorio said in a statement issued by the bank.

"I am very sorry for this. We have been working hard with the FCA to ensure all customers receive appropriate redress."

In 2011, British banks lost a high court appeal against tighter regulation of PPI, which provides insurance for consumers should they fail to meet repayments on a credit product such as consumer loans, mortgages or payment cards.

PPI became controversial after it was revealed that many customers had been sold it without understanding that the cost was being added to their loan repayments.

British authorities subsequently banned simultaneous sales of PPI and credit products.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

record fine for lloyds bank for complaints record fine for lloyds bank for complaints

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

record fine for lloyds bank for complaints record fine for lloyds bank for complaints

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Presenter Sherine Ramahi proud of her career

GMT 06:46 2017 Sunday ,19 November

Presenter Sherine Ramahi proud of her career
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday