Up to 200,000 Lloyds, Halifax & Bank of Scotland customers are set to receive a share of up to £10 million pounds due to an admin blunder by the banking group. The administrative error affects customers old and new from 2012.
What happened?
Lloyds banking group, which includes Lloyds, Halifax and the Bank of Scotland, has been forced to repay money to up to 200,000 customers due to an admin error that ultimately led to a breach of the FCA rules.
The company failed to notify its customers of interest rate changes that meant they would have missed an opportunity to get a better rate elsewhere. The amount customers can expect to get is based on the financial situation they may have been in if the rate had not changed.
I'm a Lloyds, Halifax or bank of Scotland customer, what should I do?
Lloyds banking group confirmed that all customers affected have already been contacted by post, however, if you think you may be entitled to anything then you can contact the banks directly.
Lloyds Banking Group said: “We have identified that some of our customers have received delayed information relating to their account with us"
"We are contacting customers to apologise and make them aware of any missed information.
“We will, where appropriate, offer redress. Customers do not need to take any action as anyone affected will be contacted.”
