October 4, 2018 / 10:05 AM / in 13 days

Britain's CMA toughens action against Lloyds Bank over PPI

LONDON, Oct 4 (Reuters) - Britain’s Competition and Markets Authority (CMA) has demanded Lloyds Banking Group toughen its procedures around mis-sold payment protection insurance (PPI) after it accused the bank of breaching its current arrangements.

Lloyds, which has already paid out 18 billion pounds ($23.37 billion) in compensation as a result of the scandal, will need to provide more detailed information on its compliance with the CMA’s directions and take measures to ensure its systems and monitoring are robust.

$1 = 0.7704 pounds Reporting by Emma Rumney, editing by Sinead Cruise

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