LLOYDS REFUNDS 526,000 CUSTOMERS

BANKING giant Lloyds has been fined £64million for its treatment of hundreds of thousands of struggling mortgage customers.

City watchdog the Financial Conduct Authority found failings in the group’s dealings with customers stretching from 2011 to 2015.

Problems were worsened by the loss of experienced staff, it said.

Lloyds admitted mistakes were made and has refunded £300million to 526,000 customers.

The issues relate to how customers who had fallen behind with mortgage payments, or faced difficulties, were dealt with by Lloyds Bank and sister firms Bank of Scotland and The Mortgage Business.

They included its approach to discussing options with customers and agreeing a course of action. In some

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Profits rose 3.2 per cent to £252million in the year to March 28. instances customers entered into unsuitable repayment agreements.

Mark Steward, executive director of enforcement and market oversight at the FCA, said: “Banks are required to treat customers fairly, even when those customers are in financial difficulties or are having trouble meeting their obligations.”

A Lloyds Banking Group spokesman said: “We have contacted all customers who were affected between 2011 and 2015 to apologise and have already reimbursed all who were charged fees at the time.

“Customers do not need to take any action.

“We have since taken significant steps to enhance how we support mortgage customers experiencing financial difficulty, including investing in colleague training and procedures.”

Millions was returned