Lloyds Banking Group has been fined £117m, the largest retail banking penalty ever imposed by the Financial Conduct Authority (FCA).
The FCA led an investigation into Lloyds’ complaint handling procedures carried out between March 2012 and May 2013. During this period, Lloyds handled over 2.3m PPI complaints, and 37% of these were dismissed, with customers wrongly told that their case had been ‘fully investigated’ when this was not the case…. Read More »
A landmark legal decision by the Supreme Court has led to the City watchdog’s consideration of new rules for Payment Protection Insurance (PPI) Claims.
The decision came from the case Plevin vs Paragon Personal Finance in which Susan Plevin, a 59 year old college lecturer, was charged an upfront premium of £5,780 on a loan of £39,870. It was uncovered that 71.8% of this premium was commission,… Read More »