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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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.