Lloyds Bank Fined $125M for 'Misleading' Insurance Communication
The insurance arm of Lloyds Banking Group faces a penalty for failing to provide clear language in home insurance policies.
(Bloomberg) —Lloyds Banking Group Plc’s (LGBI) insurance unit was fined 90.7 million pounds ($125 million) by the U.K. Financial Conduct Authority for failing to make sure the language in millions of home insurance policies was clear. (LGBI is not affiliated with Lloyd’s of London.)
The FCA said the insurance division sent nearly nine million communications between January 2009 and November 2017 telling customers they were getting a competitive price when they renewed their policies. The company didn’t take steps to check that was accurate, the regulator said on July 8.
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