The industry let customers down badly in relation to the sale of PPI. The significant volume of complaints is a product of LBG’s own failings and the least customers can now expect is that redress, when it is due, will be paid promptly.
In short, LBG’s PPI redress payment systems fell well below the standard the FSA expects, and the size of this fine reflects how seriously we view these breaches. All regulated firms must treat those who complain fairly and that includes paying redress promptly when it is due.
More top news
A service has been held to remember the thousands of men and boys killed in the Srebrenica massacre 20 years ago.
Cloudy skies expected for most, with rain from the west becoming widespread.
Emotional scenes outside Kings Cross as woman who lost her legs in the 7/7 attacks had an unexpected visit from the man who saved her life.