Lloyds Bank PLC

The FCA has taken enforcement action against Lloyds Bank PLC, Bank of Scotland plc, and The Mortgage Business Plc (“the Banks”) because between 7 April 2011 and 21 December 2015 (the “Relevant Period”), the Banks breached Principles 3 and 6 of the Authority’s Principles for Businesses. As a consequence of this action, the Banks received a financial penalty of £64,046,800 pursuant to section 206 of the Act. The Banks agreed to resolve all issues of fact and liability and qualified for a 30% discount under the Authority’s executive settlement procedures. Were it not for this discount, the Authority would have imposed a financial penalty of £91,495,400 on the Banks.     The FCA’s action took effect on 11 June 2020 and a copy of the Final Notice is displayed on the FCA’s web site here: https://www.fca.org.uk/publication/final-notices/lloyds-bank-plc-bank-of-scotland-plc-the-mortgage-business-plc-2020.pdf