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Record fine for Lloyds bank for mistreating customer complaints

Regulators on Friday said they had fined Lloyds Banking Group £117 million for unfair treatment of customer complaints after they were mis-sold an insurance product. The Financial Conduct Authority (FCA) said it had issued its largest ever retail banking fine to LBG “for failing to treat their customers fairly when handling Payment Protection Insurance complaints between March 2012 and May 2013”, according to a statement. It comes after Lloyds and other British banks had already been ordered to compensate customers for mis-selling PPI insurance products — a move that has cost the lenders an estimated £26 billion to date.

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