Lloyds Banking Group’s Bank of Scotland subsidiary has been fined £45.5 million (€51 million) by the UK financial watchdog over its failure to report suspicions of fraud at its Reading branch that forced dozens of small companies out of business. Halifax Bank of Scotland did not fully disclose its suspicions about misconduct in the 2003-07 fraud until July, 2009, after it had been rescued by Lloyds. The FCA on Friday banned both men from working in financial services, alongside two others involved in the fraud. The regulator said there had been “insufficient challenge, scrutiny or inquiry across the organisation and from top to bottom” at Bank of Scotland. Friday’s fine was reduced from £65 million because Bank of Scotland co-operated with the FCA.

Source: The Irish Times June 21, 2019 12:22 UTC