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Lloyds Bank Fined GBP 64 Mln For Mistreating Mortgage Customers

The U.K.'s Financial Conduct Authority has fined Lloyds Bank 64.05 million pounds for mistreating hundreds of thousands of mortgage customers in payment difficulties or arrears.

The fine would have been 91.5 million pounds if Lloyds had not accepted the FCA's finding early.

"Between April 2011 and December 2015 the banks' systems and procedures for gathering information from mortgage customers in payment difficulties or arrears resulted in the banks' call handlers not consistently obtaining adequate information to assess customers' circumstances and affordability, creating a risk that customers were treated unfairly," the FCA said.

Lloyds and its Bank of Scotland and The Mortgage Business are nearly complete with a redress plan to refund some fees. The banks have estimated that they will have paid about 300 million pounds in redress, the FCA said.

The banks had already made payments of about 259.9 million pounds to customers, by November 2019.

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