The UK’s competition watchdog has handed Lloyds legal directions after the lender failed to meet its obligations around managing accounts with payment protection insurance (PPI), the policy at the center of a huge mis-selling scandal.
The Competition and Markets Authority (CMA) has called on the lender to “put effective systems and procedures in place” after it made multiple breaches of a 2011 market order by the regulator.
The CMA claimed this is not the first time Lloyds has broken the rules, which have been in place since 2011, as the bank reported six breaches two years ago.
“We are disappointed that Lloyds has again failed to provide these important reminders or provide accurate data to its customers,” said CMA director Adam Land.
The CMA stated that “given the continued failure” of Lloyds to comply, it will now issue the bank legal directions to make sure it follows certain measures.
Full Content: Telegraph
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