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Monthly Archives: December 2013

Lloyds Banking Group has been hit with a record £28m fine by the regulator for “serious” sales incentive failings.

December 11th, 2013 by

Lloyds Banking Group has been hit with a record £28m fine by the regulator for “serious” sales incentive failings.

The Financial Conduct Authority (FCA) has handed out the £28,038,844 fine to Lloyds TSB Bank and Bank of Scotland after it found incentive schemes led to a “serious risk” that sales staff were under pressure to hit targets and get a bonus to avoid being demoted.

According to the regulator, in one instance an adviser sold protection products to himself, his wife and a colleague to prevent himself from being demoted.

The failings are said to have affected branches of Lloyds TSB, Bank of Scotland and Halifax.

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