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PPI claim: Lloyds received 1.4 million complaints

Lloyds Banking Group received 1.4 million complaints about mis-sold payment protection insurance (PPI) in 2012.

However, the bank has said that it has made 'significant progress' in reducing the number of PPI complaints it receives.

In the first half of 2012, the bank received 727,000 complaints. This fell in the second half of the year to 658,289.

This report was revealed yesterday when Lloyds published its complaints figures, which it releases every six months.

Earlier this month, Lloyds was fined 4.3 million by the Financial Services Authority (FSA) for delayed payments on PPI claims.

Lloyds had said that it would aim to pay out for PPI redress within 28 days; however, the FSA found that it failed to do this for up to 140,000 customers.

This delay in PPI redress goes against the FSA's rules, which state that payments should be made promptly.

More customers in Britain have complained about PPI than any other banking product.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801548305-ADNFCR

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