Lloyds Banking Group is set to repay nearly £10m ($13m) to customers following administrative errors.
The errors started in 2012, with the bank failing to inform customers about changes in interest rates on Halifax, Bank of Scotland and Lloyds savings accounts.
Go deeper with GlobalData
As a result, various customers who would have otherwise switched to better offers in such cases were prevented from doing so.
The news was first reported by MarketWatch, who cited a letter in this context that was sent to affected customers.
The letter said: “We didn’t send you some letters about changes to your savings account when we should have.
“If we had sent this information to you at the time, you may have chosen to put your money in a different savings account. I’m sorry this happened.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAround 200,000 will be repaid because of the errors, with the average payout expected to be nearly £30.
A Lloyds spokesman said: “We will, where appropriate, offer redress.
“Customers do not need to take any action as anyone affected will be contacted.”
Lloyds has been in a tight spot from the onset of 2019.
This February, the bank faced a technical glitch that prevented its customers from logging on to their online bank accounts. The issue was later resolved.
Earlier this year, Lloyds’ overdraft changes were slammed.
