Britain's Financial Conduct Authority has fined Lloyds Bank 64 million pounds ($81.26 million) for failures in handling hundreds of thousands of mortgage customers in difficulties or arrears.
FILE PHOTO: A woman looks at her phone as she walks past a branch of Lloyds bank in London, Britain, July 20, 2018. REUTERS/Toby Melville
Lloyds and its Bank of Scotland and The Mortgage Business units are set to pay around 300 million pounds in redress to 526,000 customers, and the redress programme is nearly complete, the FCA said in a statement on Thursday. “By not sufficiently understanding their customers’ circumstances the banks risked treating unfairly more than a quarter of a million customers in mortgage arrears, over several years,” said Mark Steward, the FCA’s executive director of enforcement and market oversight.
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