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Home » Blog » ATTENTION LLOYDS CUSTOMERS – LLOYDS FINED £117MILLION FOR REJECTING PPI CLAIMS

ATTENTION LLOYDS CUSTOMERS – LLOYDS FINED £117MILLION FOR REJECTING PPI CLAIMS

Lloyds Banking Group was fined a record breaking £117MILLION for unacceptable conduct while it was investigating PPI claims. 

Lloyds Bank, Black Horse and Bank of Scotland investigated over 2.3 million PPI claims and rejected over 850,000 of them, mostly wrongly. Lloyds failings were that it told all of its claims handlers that the sales processes were fair and compliant unless told otherwise and did not tell them about common failings, meaning that those 2.3 million cases were not checked properly. In many cases the Lloyds just straight rejected the claims without doing any proper investigations.

The Financial Conduct Authority (FCA) checked the cases and as a result Lloyds had to fork out another £710Million to be added to its PPI bill.

branch lloyds

 

BANKS ARE STILL NOT BEING FAIR WHEN IT COMES TO PPI

This record fine along with the £20Million fine for Clydesdale Bank just highlights what we have known all along, the banks are not looking at claims properly. This is why it is a good idea to get a Claims Management Company like ourselves to look at your claim properly.

Lloyds has been in trouble before because of its poor practices when it comes to PPI:

  • fined £4.3Million in February 2013 for delaying payments to customers;
  • admitted in April 2014 that it was not paying the correct compensation by only refunding some of the PPI;
  • reopened 2.5million cases in August 2014 that were unfairly rejected;
  • in February 2015 the Financial Ombudsman Service said that Lloyds was the worst offender for rejecting claims with over 86% being overturned by the FOS.

 

WHAT DOES THIS ACTUALLY MEAN? 

This means that you may now be eligible to reclaim any PPI payments you have made. PPI can be very complicated and it can be difficult to get compensation on your own.

PPI Claims Scotland can help you reclaim what is rightfully yours, with interest. If you’ve read the above and feel that you may have been the victim of a PPI mis-sale, then we can remove the hassle of dealing directly with the people who sold you PPI.

Remember the PPI deadline is likely to be June 2019 so get started now or you may miss your chance.

 

How to get started

To start your claim on a No Win No Fee* basis use our online form to get started NOW or call us on 0333 577 1107.

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