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PPI charges: Lloyds fined for delayed PPI redress payment

The Financial Services Authority (FSA) has fined Lloyds Banking Group over £4.3 million for delays to payment protection insurance (PPI) redress for up to 140,000 customers.

Lloyds TSB Bank Plc, Lloyds TSB Scotland and Bank of Scotland plc were all fined as problems within the system meant that PPI redress payments did not reach customers within the 28-day timeframe promised by Lloyds Banking Group upon it receiving a decision letter.

Some customers who received late PPI redress payments had to wait over six months for it. When customers enquired about their late PPI redress payments, Lloyds Banking Group could not explain why this was, give details on when it would arrive or fast-track the payment.

In the FSA’s rules on PPI, it states that redress payments should be promptly sent to customers.

Lloyds has £5.3 billion in provisions for PPI payments, which is more than any other UK bank has set aside.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801542635-ADNFCR

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