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November 7, 2015 
Daniel Lee Talks by various Banks regarding an agreed deadline for the end of Payment Protection Insurance (PPI) compensation failed due some of Britain’s largest lenders being unable to reach a decision.
This means that many of Britain’s largest lenders could potentially face several more years of handling PPI Claims as the industry continues to be flooded with customers reclaiming PPI.
The British Bankers’ Association, the trade body of the banking industry, had been leading the negotiations, but officials there are understood to have concluded that a deal was impossible, due to differences of opinion between the lenders themselves and leading consumer groups.
“The whole thing is being wound down as it has become clear there is no way we are going to get an agreement,” said one source close to the talks.
PPI talks collapse
November 7, 2015 Daniel Lee Lloyds Banking Group has reportedly been fined up to £4.3 million by the City watchdog today it was revealed. Approximately 140,000 Lloyds TSB customers have had their payment protection insurance (PPI) compensation payments delayed.
The customers were not paid redress within 28 days of receiving a decision letter and almost 9,000 had to wait more than six months for their compensation, the Financial Services Authority (FSA) said.
The payments were identified as a result of aggrieved customers calling Lloyds chasing payment and media attention highlighting the plight of affected customers.
The failings relate to Lloyds TSB, Lloyds TSB Scotland and Bank of Scotland and resulted in a total fine of £4.3 million.
Lloyds fined
