UK watchdog fines Lloyds record $46 million for sales failings

Britain’s Financial Conduct Authority imposed a record 28 million pound ($46 million) fine on Lloyds Banking Group for the way it encouraged staff to sell products worth 2 billion pounds that customers did not need or want. The FCA, launched in April to try and end Britain’s litany of mis-selling scandals in financial products spanning over two decades, said it was the largest ever fine imposed for failings by a bank in how it sold products to retail customers. The fine was increased by 10 percent because the watchdog’s predecessor, the Financial Services Authority, had already warned the bank about poorly managed incentive schemes over a number of years. Lloyds was also fined in 2003 for unsuitable sales of bonds.


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