RBS, Santander Ordered by U.K. Watchdog to Fix PPI Breaches
- Banks failed to send PPI reminders, or sent inaccurate ones
- Deadline for new claims in costliest banking scandal days away
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Royal Bank of Scotland Group Plc and Banco Santander SA were ordered to appoint an independent auditor for their claim processes after issuing inaccurate information, or failing to send reminders altogether, about the insurance policies that turned into the costliest scandal in U.K. banking.
The banks had previously been ordered to send yearly reminders, including how much customers paid for payment protection insurance, following a probe in 2011 by the U.K.’s Competition and Markets Authority.