If trust in financial services is going to be restored following the widespread mis-selling of PPI, then customers need to be confident that their complaints will be treated fairly. “PPI complaint handling is a high priority issue for the FCA. Georgina Philippou, acting director of enforcement and market oversight at the FCA said: In some instances, Lloyds did not contact customers to enable them to give their account of the sale.Īs a result of Lloyds’ misconduct, a significant number of customer complaints were unfairly rejected. Some complaint handlers relied on the Overriding Principle to dismiss customers’ personal accounts of what had happened during the PPI sale or to not fully investigate customers’ complaints. In addition, Lloyds did not notify complaint handlers of known failings identified in its PPI sales processes during the relevant period. In March 2012, Lloyds issued guidance instructing complaint handlers that the overriding principle when assessing complaints was that Lloyds’ PPI sales processes were compliant and robust unless told otherwise (the Overriding Principle). The Financial Conduct Authority (FCA) has issued its largest ever retail fine (£117m) to Lloyds Bank Plc, Bank of Scotland Plc and Black Horse Ltd (together Lloyds) for failing to treat their customers fairly when handling Payment Protection Insurance (PPI) complaints between March 2012 and May 2013.ĭuring the relevant period Lloyds assessed customer complaints relating to more than 2.3 million PPI policies and rejected 37 percent of those complaints.įirms are required to assess complaints impartially and can reject unfounded claims.
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