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News

Lloyds fined 4.3m over PPI delays

Lloyds have been fined 4.3m for not paying the victims of the payment protection insurance (PPI) mis-selling scandal promptly.

The Financial Services Authority (FSA) said Lloyds had broken the rules agreed on the refunds. These state PPI refunds must be paid within 28 days of victims receiving a letter agreeing to a refund.

However, of the half a million victims Lloyds Bank had promised to pay, a quarter did not receive payment in that time, while nearly 9,000 did not get paid at all until payments were chased by customers and the media.

Tracey McDermott, the FSA’s director of enforcement and financial crime, said: “The industry let customers down badly in relation to the sale of PPI. The significant volume of complaints is a product of (Lloyds) own failings and the least customers can now expect is that redress, when it is due, will be paid promptly.”

The FSA declined to comment on whether it was investigating other banks for similar failures to pay promptly. “PPI is an area of continuing focus for the FSA and we continue to monitor hoe firms handle complaints and pay redress,” Ms McDermott said.

The PPI scandal is likely to result in the largest compensation bill in modern history – bigger that pension mis-selling scandal. Customers were sold PPI policies that were meant to cover their credit card or loan repayments if they fell ill or were unable to work. However, im many cases they were not told of simnificant exclusions in the policies, which often rendered them worthless.

Banks have been compensating victims of the scandal by paying them back the amount they spent on insurance premiums, with interest. Lloyds, Britain’s biggest current account provider, has the biggest PPI redress bill, at £5.3bn. Analysts at JP Morgan recently estimated that the total final bill for PPI repayments could hit £15bn.

The issue of PPI being poor-value product was first raised in 1998 by consumer magazine Which?, although the FSA didn’t issue its first report on poor selling practices until November 2005.

In 2011, the High Court passed a ruling that meant Britain’s banks were forced to reopen thousands of PPI mis-selling claims.

If you think you were mis-sold PPI, call Creditline Financial and speak to one of our professional advisers on 01733 393399.

Article taken from – The Telegraph

Posted by Jay Beecher on 19 Feb 2013

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