UK Regulator Says Lloyds, Nationwide Breached PPI Order
July 08 2020 - 6:07AM
Dow Jones News
By Sabela Ojea
The U.K.'s Competition and Markets Authority said Wednesday that
Lloyds Banking Group PLC and Nationwide Building Society breached
orders regarding the handling of payment protection insurance.
The British regulator said that it has written to Lloyds
regarding 18 breaches of the PPI Market Investigation Order 2011,
with some breaches dating back to 2012.
"This demonstrates broader failures in compliance with the [PPI]
Order over a significant period of time," the CMA noted.
The CMA said that the bank didn't send an annual review to 4,950
PPI customers within 14 days of the anniversary date in 14 of the
breaches, and that it included incorrect information or failed to
provide information to 5,537 PPI customers in the remaining
breaches.
According to Lloyds customers have already been refunded 95,937
pounds ($120,343).
The CME said Nationwide Building Society failed to send annual
reviews to 3,053 payment protection insurance customers by the due
date of Feb. 1.
Both companies are putting in place processes to ensure future
compliance with order.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
July 08, 2020 05:52 ET (09:52 GMT)
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