August 23, 2019 / 6:17 AM / a month ago

Britain's competition watchdog warns RBS, Santander over PPI procedures

LONDON, Aug 23 (Reuters) - Britain’s competition watchdog has ordered Royal Bank of Scotland and Santander to appoint auditors to check how they remind customers affected by payment protection insurance (PPI) mis-selling.

The two banks failed to adequately inform customers who might be due compensation as a result of Britain’s biggest ever consumer banking scandal, in which more than 36 billion pounds ($44.03 billion) has been paid back to those affected.

Both banks have previously breached an order by the Competition and Markets Authority (CMA) requiring banks to send annual reminders to customers about PPI, the CMA said. ($1 = 0.8177 pounds) (Reporting By Lawrence White. Editing by Jane Merriman)

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