Around 140,000 consumers waited for more than 28 days to six months to receive their repayments from Lloyds for their mis sold PPI.  Around 9,000 consumers waited for six months and at the bank lost at least 24,000 consumer claims according to the Financial Services Authority, who fined the bank.

The FSA was concerned with specific Lloyds branches, including Lloyds TSB Bank, Lloyds TSB Scotland and the Bank of Scotland. The banking group accepted the £4.3 million fine without question and apologised to their customers for the delays. Lloyds reasoned out that their underestimation of the immensity of PPI mis selling slowed down their PPI repayment system.

Some experts say that most of the 24,000 claims dropped out of the loop were confusing PPI claims letters. They advised consumers and future claimants to make use of PPI template letters that could be found in most media, news and consumer group websites. The group gave notice to the dropped out claims once consumers went to media to make the banking activities public to all.

Aside from the added £4.3 million fine, Lloyds also added £1 billion for its PPI compensation bill, bringing its total PPI expenditures to £6.3 billion. The group is also facing a fine for mis selling Interest rate swap products to businesses, provisioning £4 million worth of recompense for all parties.