Where individual customers are recruited to apply for a specific product, Lloyds Banking Group (LBG) will ensure that they do not suffer any detriment where they have adhered to the recruitment criteria and shopper briefing. To avoid the customer suffering any detriment, they will be placed in the same position they would have been in had they not applied for the product. To do this, the following steps will be taken:
•Customers will receive a briefing document which will set out the specific action required by the customer eg it will explain where customers are required to cancel the product taken. Where customers are not required to cancel the product, LBG will take the necessary action to close the account.
•Where a loan has been obtained, the monies will be removed from the customer’s account. Where insurance, protection or benefits (eg as part of a packaged current account) have been obtained, these will cease on cancellation.
•LBG will arrange the removal of any credit reference check undertaken as part of the application from the customer’s credit profile.
Where customers express a wish to keep the product, they must notify the Mystery Shopping firm immediately. In such circumstances, and providing LBG consider it is appropriate, LBG will not undertake the steps above and the customer can use the product in accordance with its terms and conditions.
Note: exceptions apply to customers seeking to complete a mortgage mystery shop – full details will be held in the briefing document.
Commitment to Mystery Shoppers
Lloyds Bank plc and Bank of Scotland plc (members of Lloyds Banking Group), are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Authorisation can be checked on the Financial Services Register at: www.fca.org.uk