A lender has been handed a £2.3m fine for 'serious failings' relating to its handling of historic Payment Protection Insurance (PPI) claims.

The Financial Conduct Authority (FCA) issued the fine to Norwich-based CT Capital after thousands of customers missed out on payments between 2011 and 2013.

CT Capital, based in Duke Street, is the parent company of a group of lenders and loan brokers and was responsible for handling PPI complaints on behalf of the group.

Its group of subsidiaries includes EDP Top100 firm Central Trust.

Between 2005 and 2008, the group had sold 31,591 regulated PPI policies, receiving approximately £63m net in commission as a result.

The FCA said between May 2011 and November 2013, during which time it handled 6,669 PPI complaints, CT Capital failed to put in place complaint handling processes to deal with PPI complaints appropriately.

It said the effect on customers was 'significant', with the average redress payment made in an upheld complaint during the period reaching £5,959.

Mark Steward, director of enforcement and market oversight at the FCA said: 'Failing to handle complaints appropriately means that firms risk treating customers unfairly for a second time and it's important that firms get this right.

'We have taken action against firms on numerous occasions and there's no excuse for firms continuing to get it wrong.

'We remain determined to ensure that firms put right the harm caused by PPI mis-selling and regain the trust of the public.'

Following feedback from the FCA in 2013 CT Capital revised its PPI complaint handling process and reviewed 4,800 complaints which had been rejected or not paid in full.

By January 2016, CT Capital had paid about £74m in redressing PPI complaints.

Last year, the FCA fined Clydesdale Bank Plc £20.6m and the Lloyds Banking Group £117m for failing to handle PPI complaints fairly.

The penalty imposed on Lloyds was the largest ever retail fine.

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