Lloyds fined £28m over bonuses

Lloyds fined £28m over bonuses

UK taxpayer-backed Lloyds Banking Group has been fined a record £28m (€33m) after the City regulator uncovered “serious failings” in its bonus schemes that put pressure on sales staff to hit targets or avoid being demoted.

The Financial Conduct Authority (FCA) said a lack of control of incentive schemes for advisers within Lloyds TSB, Bank of Scotland and Halifax risked customers being sold products that were unsuitable or not needed.

It added that in one instance, an adviser sold insurance products to himself, his wife and a colleague to prevent himself being demoted.

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