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Banking leaders welcome Carney's reform proposals

Senior bankers have greeted Mark Carney's tough new proposals to crack down on fraudulent practices.

Anthony Browne, chief executive of the British Bankers' Association, said: "It's vital that London once again sets the gold standard for fair dealing and integrity in financial markets.

"We welcome the intention to extend regulation from banks to other types of trading organisations. This should give customers greater clarity and protection."

Martin Wheatley, chief executive of the Financial Conduct Authority, added: "These markets are central to our economy and today's recommendations will be important in rebuilding public trust in their integrity."

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Lloyds: We're taking responsibility for our PPI errors

Responding to today's record £117 million fine over its handling of PPI complaints, Lloyds Banking Group said that it takes responsibility for its mistakes and is looking to rebuild trust with customers.

We are trying to get it right for our customers and to rebuild trust. But we do not get everything right.

That means when we make mistakes, we will take responsibility for them.

This is what we have done here.

– Lord Blackwell, chairman of Lloyds Banking Group

The group said it has launched a programme to re-review or automatically uphold around 1.2 million PPI complaints.

It has also set aside £710 million to cover any redress due to affected customers, who are being contacted directly.

The group said that following its review, 90% of customers received payment and the remainder will be completed by the end of June.

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