UK lenders to pay £12mn in customer compensation over pandemic flaws
Seven unnamed UK lenders have agreed to pay £12mn in compensation to customers treated unfairly after falling into difficulty during the Covid pandemic, the financial watchdog has said.
The Financial Conduct Authority carried out 69 assessments across 65 companies in a report released on Thursday that detailed failings in the treatment of distressed borrowers. The compensation will be shared among 60,000 borrowers.
The report included a survey on how lenders imposed debt fees and charges and examined measures used to deal with struggling customers.
This story originally appeared on: Financial Times - Author:Siddharth Venkataramakrishnan
