Bassetlaw MP John Mann has said that today’s fine by the Financial Conduct Authority for Lloyds Banking Group’s latest failure to deal with their historic PPI claims shows the bank has yet to get a grip on its biggest legacy issue.
The FCA has today fined Lloyds Bank a record £117 million due to the failings of its own procedures when dealing with PPI mis-selling complaints. The bank has had to set aside over £12 billion to cover the costs of this scandal and that number is likely to increase as a result of today’s fine.
John Mann said “Today’s fine is just the latest problem to hit Lloyds Banking Group and it appears that the senior management at the bank just haven’t got a grip on the problem.”
Mann continued “The taxpayer still owns a 19% stake in the bank and its time we heard from the senior non-executive directors about what they have been doing whilst the bank lurches from one scandal to the next.”
“It seems that they have been happy to collect a hefty salary for sitting on the board but have been neglecting their duty to hold the directors to account. They have been fiddling whilst the bank burns.”