Lloyds refunds £957,000 to PPI customers after breaking rules – are you owed a refund too?

LLOYDS Banking Group has refunded £957,000 to thousands of PPI customers.

It comes after the bank admitted it repeatedly breached the PPI Market Investigation Order 2011.

The latest refunds, amounting to £17,000, will be issued to 8,800 customers after Lloyds admitted three new breaches.

The PPI order requires banks to send customers annual reminders that set out clearly the cost of their policy, the type of cover they have and reminds them of their right to cancel.

Lloyds admitted to the Competitions and Marketing Authority (CMA) that it sent out incorrect information in annual reminders to mortgage PPI customers.

In some cases, the monthly amount policyholders can claim on their insurance was displayed in the incorrect section.

For other customers, the figure in their annual reminders was incorrect.

In total, the bank will has pledged to refund almost £975,000.

Adam Land, senior director of remedies, business and financial analysis at the CMA, said: “It’s a real concern that PPI providers are still breaking the rules by sending inaccurate PPI reminders despite a clear, well-established Order from the CMA.

“These failures can mean people end up paying for insurance they no longer need.

“We welcome the fact that Lloyds’ has refunded – or committed to refund – customers £975,000 and we will monitor the bank closely to make sure those affected by the latest breaches receive the refunds.”

More to follow…

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