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CMA locks in a total of £975,000 for Lloyds’ PPI customers
The CMA has secured £975,000 in total refunds for Lloyds’ PPI customers in the last year, after taking action following its latest breaches of the CMA’s Order.
From:
3 February 2021
All PPI (Payment Protection Insurance) providers are subject to the Competition and Markets Authority’s (CMA) PPI Order, which requires them 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.
The latest refunds, amounting to £17,000, come after Lloyds Banking Group (Lloyds) self-reported 3 breaches of the Order to the CMA. These affected 8,800 people who were sent incorrect information in annual reminders to mortgage PPI customers. For 2 breaches, the monthly amount policyholders can claim on their insurance was displayed in the incorrect section. In the third breach, this figure in the annual reminders was in ....

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