The Financial Conduct Authority (FCA) has fined Lloyds Bank (LBGI) £90.7m for failing to ensure that language contained within millions of home insurance renewals communications was clear, fair and not misleading.
The regulator stated that, between January 2009 and November 2017, LBGI had sent nearly 9m renewal communications to home insurance customers claiming they were receiving a “competitive price”.
However, the FCA argued that LBGI did not substantiate this claim by taking steps to check
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