Basic Search  |  Summaries  |  Advanced SearchPenalty: £957,000
Year: 2021
Date: 3 February, 2021
Offence Group: consumer-protection-related offences
Offence Type: insurance violation
Violation Description: The CMA informed Lloyds Bank that it was disappointed its formal Directions to audit compliance procedures at the bank uncovered 18 breaches of the 2011 Payment Protection Insurance Market Order, with another 3 breaches found later. Formal enforcement action was deferred because Lloyds refunded a total of £957,000 for these breaches to customers who had been sent incorrect information in their annual reminders about mortgage PPI.
Action Type: agency action
Agency: Competition and Markets Authority
HQ Country of Parent: United Kingdom
Ownership Structure of Parent: publicly traded
Major Industry of Parent: financial services
Specific Industry of Parent: banking
Source of Data: (click here)