Lloyds fined US$180m for PPI complaints failings

[LONDON] Lloyds Banking Group has been fined £117 million (US$180 million) for failings in its handling of complaints about the mis-selling of loan insurance between March 2012 and May 2013.

The state-backed lender said that it will reduce bonuses paid to staff by £30 million in 2015 in response to the fine. It apologised to customers who had been affected.

Lloyds has already set aside £12 billion to compensate customers mis-sold payment protection insurance (PPI) policies.

REUTERS