CMA takes action over PPI reminder failures

CMA has ordered RBS and Santander to take remedial action after they did not send, or sent inaccurate annual PPI reminders to customers. The banks must now appoint independent bodies to audit their PPI processes and put in place procedures to ensure the problems do not occur again. The CMA found that:

• RBS had failed to provide reminders to around 11,000 customers for up to 6 years; and
• Santander had sent out incorrect information to nearly 3,500 customers for 5 years.