FinesFSMA
Lloyds Bank PLC
FRN 11927828 July 2014Fine · £105,000,000
01 · In plain English
What happened.
On 28 July 2014, the Financial Conduct Authority fined Lloyds Bank PLC £105,000,000.
A fuller summary is on its way. The FCA's own text below is the official record.
02 · Enforcement details
What the FCA register says.
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.
03 · Firm details
Firm on the FCA register.
- Firm name
- Lloyds Bank PLC
- Firm reference number
- 119278
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