Lloyds TSB have been fined due to further malpractices associated with Payment Protection Insurance, more commonly known as PPI. Despite the bank coming under fire on several occasions for their poor practices, they continue to treat their customers unfairly. Lloyds TSB have delayed payments for successful PPI claims, with around a quarter of all compensation taking longer longer than the 4 week target Lloyds TSB have.
Figures show that Between May 2011 and March 2012 Lloyds TSB sent out to its customers, 582,206 Final decision letters to it customers, making an offer of redress for mis-sold PPI. a Total of 140,209 customers, or 24%, had to wait more than 4 weeks to obtain their compensation from Lloyds TSB.
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