Britain's CMA toughens action against Lloyds Bank over PPI

FILE PHOTO - A woman uses a cash machine at a Lloyds Bank branch in central London, Britain February 25, 2016. REUTERS/Paul Hackett - Copyright Paul Hackett(Reuters)

By Reuters

Published on 04/10/2018 - 12:34•Updated 26/04/2024 - 02:49

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LONDON (Reuters) - Britain's Competition and Markets Authority (CMA) has demanded Lloyds Banking Group <LLOY.L> toughen its procedures around mis-sold payment protection insurance (PPI) after it accused the bank of breaching its current arrangements.

Lloyds, which has already paid out 18 billion pounds in compensation as a result of the scandal, will need to provide more detailed information on its compliance with the CMA's directions and take measures to ensure its systems and monitoring are robust.