Insurance news confession by Lloyds reveals surprising flaws

Lloyds insurance news scandal

The company has revealed considerable failures in terms of the way that complaints have been dealt with. A recent insurance news release from Lloyds Banking Group has revealed that it has brought a contract with Deloitte to an end after issues were revealed in the way that the business services firm’s call center had been handling the complaints that were being made by customers regarding the loan policies that had been mis-sold. This announcement was made following another that showed that the contracted phone agents were taught inappropriate procedures. The…

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UK regulators taking a hard look at insurance industry

UK cyber Insurance industry News united kingdom

Insurance industry may feel repercussions of Lloyds failure The United Kingdom’s Financial Services Authority has fined Lloyds Banking Group for some $6 million this week. The fine is due to the company’s failing to compensate customers who purchase insurance policies or acquired loans and mortgages from Lloyds. The company is accused of mis-selling payment protection insurance. This type of coverage is common throughout the insurance industry and helps ensure the repayment of loans in the event of a borrower losing the ability to handle their loans. Lloyds fails to compensate…

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Lloyds Banking Group announces shutdown of pet insurance division, leaving animal owners without coverage

Lloyds Banking Group has announced that it will be shutting down its division for pet insurance, leaving tens of thousands of animal owners without any coverage for their pets’ veterinary care. Lloyds TSB and Halifax have both sold pet insurance policies for a number of years and currently provide coverage for approximately fifty thousand animals. However, the owner of both brands, Lloyds Banking Group, has decided that it will no longer take part in that market. A spokesperson from the company has explained that it has performed a thorough review…

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