Lloyds Bank PLC

On 28 July 2014, the FCA imposed on Lloyds Bank plc and Bank of Scotland plc a financial penalty of £105,000,000 (split evenly between the two firms and discounted from £150,000,000 for early settlement) in respect of breaches of Principle 3 and 5 of the FCA's Principles for Businesses. The Firms committed misconduct by breaching Principle 5 and Principle 3 of the Authority's Principles for Businesses through manipulating submissions to two benchmark reference rates, the Repo Rate and LIBOR, in order to seek to manipulate those rates. The Final Notice can be found at the following link. http://www.fca.org.uk/static/documents/final-notices/lloyds-bank-of-scotland.pdf