Citizens Advice has said the banking industry must make sure customers affected by the PPI misselling scandal are properly compensated. It comes as the FCA fines Lloyds Bank a record £117 million for mishandling PPI complaints between March and October 2012.
Gillian Guy, chief executive of Citizens Advice, said:
“Banks have only themselves to blame for PPI fines.
“It is almost a decade since the Citizens Advice super-complaint exposed the extent of the PPI problem. In the past 12 months people came to us with more than 6,800 PPI issues.
“Lloyds and other banks caught up in the PPI saga must ensure that money is given back to customers who have been so badly let down.
“It is positive that since the mishandling Lloyds has made progress on how it deals with complaints. The bank must now make sure consumers get fair outcomes.
"This ruling should serve as a warning to banks that complaints must be taken seriously and dealt with promptly.”