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Lloyds insurance communication failures lead to $125 million

July 12, 2021July 9, 2021 Marc

The unit was fined £90.7 million for failing to ensure its policy language for home coverage was clear. Lloyds Banking Group Plc. (LON stock symbol LLOY) has been fined £90 million ($125 million) for insurance communication failures. The fine was issued by the UK Financial Conduct Authority for the insurer’s unclear policy language. The UK Financial Conduct Authority (FCA) fined Lloyds for its insurance communication failures in the language it used in millions of homeowners’ policies. According to the FCA, the Lloyds insurance division issued almost nine million communications between…

Lloyds Bank insurance news sees $180 million in fines

June 9, 2015June 6, 2015 H. Cutner

U.K. regulators have imposed the penalty on the massive banking group for mishandling of customer complaints. Lloyds Banking Group recently found itself on the losing end of some insurance news as regulators in the U.K. stated that they had imposed a fine against them, which will come to about $180 million. The fine is meant to be a penalty against the banking group for mishandling customer complaints. The insurance news was focused on the way that Lloyds Bank managed the customer complaints that were being filed about a type of…