UK's Lloyds fined $6.7 million for mis-sold insurance

Reuters

Britain's financial regulator on Tuesday fined Lloyds Banking Group 4.3 million pounds ($6.7 million) for failing to handle complaints relating to insurance sold on loans and mortgages properly.

The Financial Services Authority said failings in the bank's systems and controls resulted in up to 140,000 customers experiencing delays in receiving compensation for being mis-sold payment protection insurance (PPI).

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($1 = 0.6460 British pounds)

(Reporting by Matt Scuffham; editing by Rhys Jones)