UK: Competition regulator reprimanded RBS and Santander

Britain’s competition watchdog has ordered Royal Bank of Scotland and Santander to appoint auditors to check how they remind customers who have payment protection insurance (PPI), amid a mis-selling scandal over the policies, reported Reuters. 

The two banks failed to adequately remind customers about their PPI, some of whom might be due compensation as a result of Britain’s biggest ever consumer banking controversy, in which more than £36 billion (US$44 billion) has been paid back to those affected.

Both previously breached an order by the Competition and Markets Authority (CMA) requiring banks to send annual reminders to customers about PPI, the CMA stated.

Full Content: Reuters

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