Lloyds Penalized $7M For Slow Insurance Redress Payments

Law360, New York (February 19, 2013, 1:24 PM EST) -- A British financial watchdog on Tuesday announced it had fined three Lloyds Banking Group PLC banks £4.35 million ($6.66 million) after they failed to make timely redress payments to thousands of wronged loan insurance customers.

According to the Financial Services Authority, the banks — Lloyds TSB Bank PLC, Lloyds TSB Scotland PLC and Bank of Scotland PLC — had failed to pay redress within 28 days to more than 140,000 of 582,000 payment protection insurance, or PPI, customers whose complaints about selling practices related to the...
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