Grievances related to PPI products make up most of bank customers complaints, according to the FCA.
Lloyds agreed to settle at an early stage of the investigation, qualifying for a 30% discount on the fine, the watchdog said.
Clydesdale Bank Plc was fined £20.7 million by the FCA in April for failings in handling PPI complaints.
Lloyds said it reviewed all customer complaints, with more than 90% of them having received compensation.
“Whilst our intentions were right, we made mistakes in our handling of some PPI complaints,” Horta-Osorio said in the statement. “I am very sorry for this.”
Horta-Osorio saw his total compensation increase by 54% to £11.5 million last year, making him the highest-paid British bank boss in 2014. His annual bonus and share award remained at £1.7 million.
Lloyds paid £369.5 million in bonuses to employees in 2014, down 3.6% from 2013.
Grievances related to PPI products make up most of bank customers complaints, according to the FCA.Lloyds agreed to settle at an early stage of the investigation, qualifying for a 30% discount on the fine, the watchdog said.Clydesdale Bank Plc was fined £20.7 million by the FCA in April for failings in handling PPI complaints.Lloyds said it reviewed all customer complaints, with more than 90% of them having received compensation.“Whilst our intentions were right, we made mistakes in our handling of some PPI complaints,” Horta-Osorio said in the statement. “I am very sorry for this.”Horta-Osorio saw his total compensation increase by 54% to £11.5 million last year, making him the highest-paid British bank boss in 2014. His annual bonus and share award remained at £1.7 million.Lloyds paid £369.5 million in bonuses to employees in 2014, down 3.6% from 2013.
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