The Competition and Markets Authority (CMA) has told RBS and Santander to fix their PPI procedures as failings with their communications were found.
According to the CMA RBS failed to send annual PPI reminders to around 11,000 customers the last six years.
The CMA said that Santander sent out annual reminders that contained incorrect information to more than 3,400 of their PPI mortgage customers from 2012 to 2017.
Adam Land, the CMA’s senior director of remedies, business and financial analysis, said, “It is unacceptable that some banks aren’t providing PPI reminders, or are sending inaccurate ones, eight years after our order came into force.
“The legally binding directions we’ve issued today will make sure that both RBS and Santander now play by the rules.
“These are serious issues that, in the future, may result in fines if the Government gives us the powers we’ve asked for.
“For now, we expect RBS to repay all affected customers quickly, and for both RBS and Santander to make sure that similar breaches do not happen again.”
The PPI deadline to make a claim is 11.59pm on 29 August.
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