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.