Mis-sold Mortgage Claims > Mortgage News
GBP500 million redress for mortgage customers by Lloyds Banking Group
Wed, 23 Feb 2011
The Lloyds Banking Group has announced that they have come to a ‘voluntary’ agreement with the Financial Services Authority (FSA) in relation to certain Halifax mortgages that were written between 2004 and 2007 by the Bank of Scotland plc under the Halifax brand. Lloyds Banking Group will also undertake a review and redress programme concerning the mortgages and will be offering goodwill payments to those who have been affected.

The confusion with these certain mortgages is in relation to the wording within the mortgage offer document where it summarised the SVR cap applied and some customers may have believed that they were eligible when they were not. From April 2011, approximately 600,000 Halifax customers who received a mortgage offer between September 20 2004 and September 16 2007 and still held that particular mortgage in January 2009 will be contacted as part of this programme. The banking group expects approximately 300,000 customers will have been affected. To date, this is the highest consumer compensation programme that has been agreed by the FSA .

Lloyds has addressed this as a ‘proactive co-ordinated programme to identify affected customers and make goodwill payments is the appropriate course of action’.
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