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Britain's CMA toughens action against Lloyds Bank over PPI

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By Reuters
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)

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.

(Reporting by Emma Rumney, editing by Sinead Cruise)