Lloyds Banking Group Plc said it refunded customers who were overcharged on their investment in equivalence market products — funds sold as active that were in reality largely passive index trackers, Financial News reported.
"Last year we voluntarily reduced our charges retrospectively on some funds to better reflect market charging levels for equivalent products, refunded the difference to impacted customers and informed them of the fact," a spokeswoman for the bank said. The lender has made efforts to improve product literature, she added.
Earlier, the U.K. Financial Conduct Authority revealed that City of London asset managers had paid out £34 million in compensation to consumers because they were not appropriately informed on how their funds were managed.
