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Jun

04

Lloyds Bank Is Said to Face Potential Fine Over Handling of Insurance Complaints

By Tony Seruga

LONDON — British regulators are preparing to impose a substantial fine on the Lloyds Banking Group for its handling of customer complaints related to a contentious insurance product that has cost the industry billions of dollars, a person familiar with the settlement discussions said on Thursday.

The Financial Conduct Authority could soon announce a fine in excess of 100 million pounds, or around $153 million, as part of a settlement with the lender over how it dealt with complaints regarding the improper sales of payment protection insurance, said the person, who was not authorized to discuss the matter publicly…

Lloyds Bank Is Said to Face Potential Fine Over Handling of Insurance Complaints

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