Lloyds fined £4.3m over PPI

Lloyds Banking Group was fined £4.3 million by the City watchdog today after up to 140,000 customers had their payment protection insurance compensation payments delayed.

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Lloyds fined over late PPI compensation payments

Lloyds Banking Group was fined £4.3 million by the City watchdog today after up to 140,000 customers had their payment protection insurance compensation payments delayed.

A general view of the Lloyds Banking group Building. Credit: Press Association

The customers were not paid redress within 28 days of receiving a decision letter and almost 9,000 had to wait more than six months for their compensation, the Financial Services Authority said.

The failings relate to Lloyds TSB Bank, Lloyds TSB Scotland and Bank of Scotland, leading to a total fine of £4.3 million.

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