Lloyds Banking Group has been fined £28m for “serious failings” in relation to bonus schemes for sales staff.
The Financial Conduct Authority said it was the largest fine that it or the former Financial Services Authority had imposed for retail conduct failings.
The bonus scheme pressurised staff to hit sales targets or risk being demoted and have their pay cut, the FCA said.
Lloyds Bank has accepted the regulator’s findings and apologised to its customers.
“The findings do not make pleasant reading,” said FCA director Tracey McDermott.
The fine could have been £35m had Lloyds not agreed to settle early, the FCA said.
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