By Sabela Ojea


The U.K.'s Competition and Markets Authority said Wednesday that Lloyds Banking Group PLC and Nationwide Building Society breached orders regarding the handling of payment protection insurance.

The British regulator said that it has written to Lloyds regarding 18 breaches of the PPI Market Investigation Order 2011, with some breaches dating back to 2012.

"This demonstrates broader failures in compliance with the [PPI] Order over a significant period of time," the CMA noted.

The CMA said that the bank didn't send an annual review to 4,950 PPI customers within 14 days of the anniversary date in 14 of the breaches, and that it included incorrect information or failed to provide information to 5,537 PPI customers in the remaining breaches.

According to Lloyds customers have already been refunded 95,937 pounds ($120,343).

The CME said Nationwide Building Society failed to send annual reviews to 3,053 payment protection insurance customers by the due date of Feb. 1.

Both companies are putting in place processes to ensure future compliance with order.


Write to Sabela Ojea at; @sabelaojeaguix


(END) Dow Jones Newswires

July 08, 2020 05:52 ET (09:52 GMT)

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