Correspondence

CMA letter to LBG on its non-compliance with the PPI Order

Letter to Lloyds Banking Group about its non-compliance with the Payment Protection Insurance Market Investigation Order 2011.

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One of the measures introduced in the Payment Protection Insurance Market Investigation Order 2011 (the PPI Order) was that all customers would receive an annual review statement from their provider setting out the cost of payment protection insurance (PPI) and a reminder of their right to cancel. However some PPI customers of Lloyds Banking Group had not received their annual review statements or had received statements with incorrect information.

This letter sets out the action agreed between the Competition and Markets Authority (CMA) and Lloyds Banking Group to remedy the breach of the PPI Order. Remediation includes apology letters and refunds of PPI premiums for affected customers.

Published 25 January 2017