Taxpayer-backed Lloyds bank gets £117m fine

It’s the latest in a series of fines issued to high street banks

Lloyds bank has been hit with a £117m fine for its role in the PPI scandal.

PPI (Payment Protection Insurance) was miss-sold to thousands of people in the UK and most major banks have set aside money to compensate victims of the scandal and pay fines.

Two months ago, Clydesdale Bank was fined £20.7m for miss-selling PPI by the Financial Conduct Authority.

This fine specifically relates to how Lloyds advised complaint handlers to deal with customer requests for PPI refunds, which meant “a significant number of customer complaints were unfairly rejected”.

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