Guidance

Payment Protection Insurance Order: Directions to Lloyds Banking Group

The CMA issued directions to Lloyds Banking Group to ensure compliance with the Payment Protection Insurance Market Investigation Order 2011.

• From: Competition and Markets Authority
• Published: 4 October 2018
• Last updated: 18 March 2024 — See all updates

Documents

Directions to Lloyds Banking Group

PDF, 145 KB, 8 pages

The Lloyds plan

PDF, 80.4 KB, 1 page

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Details

Lloyds Banking Group (LBG) breached the Order in the following ways:

• It failed to send Annual Reviews to its customers who held PPI with Bank of Scotland and Lloyds Bank and who were entitled to receive such statements for the period between 2012 to July 2018.
• It sent information to customers who hold PPI on their TSB credit card accounts which showed that their PPI premiums were less than what was actually charged.

Lloyds Directions revoked

18 March 2024: The CMA today has revoked the Directions given to Lloyds Banking Group plc on confirmation that it had completed all the actions in the Directions, and that it will notify the CMA of any further breaches within 14 days of identification.

Published 4 October 2018
Last updated 18 March 2024 + show all updates

1. 18 March 2024

   Lloyds directions revoked.

2. 4 October 2018

   First published.