Lloyds Banking Group's £28 million fine for "serious failings" was increased by 10 per cent as the bank repeatedly ignored industry warnings from regulators, the Financial Conduct Authority (FCA) confirmed.
The bank was fined before for unsuitable bond sales 10 years ago, caused in part by pressure to meet sales targets.
– Tracey McDermott, the FCA's director of enforcement and financial crime
The findings do not make pleasant reading.
Customers have a right to expect better from our leading financial institutions and we expect firms to put customers first - but firms will never be able to do this if they incentivise their staff to do the opposite.