Lloyds, plus sister banks Halifax and Bank of Scotland, told 2.7million customers between 2009 and 2017 that their renewal price was competitive. Over the same period the banks sent letters to around 500,000 home insurance customers saying they would get a renewal discount. The bank has now paid more than £13.6m to approximately 350,000 customers. "Millions of customers ended up receiving renewal letters that claimed customers were being quoted a competitive price which was unsubstantiated and risked serious consumer harm." In February Lloyds paid out £975,000 after an investigation found the bank sent wrong information to a number of PPI account holders.

Source: Daily Mirror July 08, 2021 13:51 UTC