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