Correspondence

CMA letter to Lloyds Banking Group about a breach of the PPI Order

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

From:
Competition and Markets Authority
Published
9 September 2021

Documents

CMA letter to Lloyds Banking Group

PDF, 103 KB, 2 pages

Lloyds Banking Group Action Plan

PDF, 101 KB, 1 page

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Details

One of the measures introduced in the Payment Protection Insurance Market Investigation Order 2011 (the Order) was that all customers would receive Annual Review statements from their provider setting out information about the PPI policy.

LBG breached the PPI Order by failing to include the monthly PPI benefit value figures in PPI Annual Reviews relating to some of its AXA (TSB) Mortgagesure PPI policies. LBG identified 41 customers were impacted in 2020 and 26 of those customers were also impacted in 2019. LBG has sent apology letters to affected customers and offering refunds of premiums.

This is not the first time LBG has breached the Order. Find out more about previous breaches and the CMA’s enforcement action:

Published 9 September 2021

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