FCA fines Lloyds a record £117m for ‘unacceptable’ conduct

08 June 2015

A significant number of customer complaints have been unfairly rejected by Lloyds and we are pleased to report the FCA has fines Lloyds a £117m for this conduct.

Please click here is you wish to read the report published by FCA.

The fine was prompted from a new policy introduced by the bank in early 2012 – it was known as Lighthouse and also referred to as “the over-riding principle”.

Lloyds told its 7,000 special PPI call centre staff to assume that its sales of PPI were “compliant and robust” and that claims were therefore invalid.

Documents inside Lyoyds showed that as soon as this new policy had been implemented there was a significant fall in the number of complaints upheld, for example on its first day the number fell by 10%.

As mentioned on this site, consumers have a choice as to how to pursue their PPI claim, they can either write and make a claim directly with banks or work with a claims expert. I believe this latest development would support the likely benefits of working with an experts in financial claim management area to support your successful claim.