February 19, 2013 / 10:32 AM / 5 years ago

UK's Lloyds fined $6.7 mln for mis-sold insurance

LONDON, Feb 19 (Reuters) - Britain’s financial regulator on Tuesday fined Lloyds Banking Group 4.3 million pounds ($6.7 million) for failing to handle complaints relating to insurance sold on loans and mortgages properly.

The Financial Services Authority said failings in the bank’s systems and controls resulted in up to 140,000 customers experiencing delays in receiving compensation for being mis-sold payment protection insurance (PPI).

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