LLOYDS Banking Group has paid out £13.6million to 350,000 customers following an investigation into home insurance renewal policies. The Financial Conduct Authority looked into the way the bank was…
LLOYDS Banking Group has paid out £13.6million to 350,000 customers following an investigation into home insurance renewal policies.
The Financial Conduct Authority looked into the way the bank was communicating its home insurance renewal policies to customers between 2009 to 2017.The watchdog has slapped the bank with a whopping £90million fine after it found that the bank's wording of millions of policies was not clear and misleading.
Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA said: ”Firms must ensure their communications with customers are clear, fair and not misleading. "LBGI failed to ensure that this was the case. Millions of customers ended up receiving renewal letters that claimed customers were being quoted a competitive price which was unsubstantiated and risked serious consumer harm.”is your go to destination for the best celebrity news, football news, real-life stories, jaw-dropping pictures and must-see video.
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