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Lloyds' extra money for mis-selling is further confirmation of poor treatment of customers

"Today's news comes as an additional confirmation of the extent of historical misconduct in the UK banking system and the cost it has had on customers, particularly borrowers.

"Although the mortgage market has since then undergone massive reforms and such practices are no longer in place, the real question is whether the regulatory framework (now the Financial Conduct Authority) and internal governance structures in banks have been sufficiently strengthened to prevent similar problems from arising in the future.

"More research needs to be undertaken to understand the complex relationship between financial institutions and regulatory authorities and the necessary conditions for regulation to be effective."

Dr Andreas Kokkinis, School of Law

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