Lloyds facing £100m PPI fine

Lloyds Banking Group is to be fined more than £100m by the FCA over mishandling of payment protection insurance complaints, according to Sky News.

Sky reports that the fine is expected to be announced later this week, and will come just weeks after the FCA fined Clydesdale Bank £20.7m for similar errors.

Lloyds has previously set aside more than £10bn to deal with compensation claims relating to PPI.

The fine would represent the fourth largest penalty issued by the FCA this year, with its scale reportedly reflective of the volume of complaints faced by the bank.

Spokespeople for Lloyds and the FCA declined to comment when contacted by Money Marketing.