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View the article online at http://citywire.co.uk/wealth-manager/article/a723922

FCA fines Lloyds £28m over sales incentive failings

by Alex Steger on Dec 11, 2013 at 10:19

Tracey McDermott, the FCA’s director of enforcement and financial crime, said: ‘The findings do not make pleasant reading. Financial incentive schemes are an important indicator of what management values and a key influence on the culture of the organisation, so they must be designed with the customer at the heart. The review of incentive schemes that we published last year makes it quite clear that this is something to which we expect all firms to adhere.’

A spokesman for Lloyds said: ‘The group recognises that its oversight of these particular schemes during the period in question was inadequate and apologises to its customers for the impact that they may have had. We are determined to ensure that any customer impacts are dealt with quickly and fully.’

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1 comment so far. Why not have your say?

Paul Renken

Dec 11, 2013 at 15:43

I don't see that these practices they were fined for are any different than financial product sales incentives across a variety of sectors from autos to appliances to boiler protection to phone service to door step utility sales. This is entrenched in decades of sales coaching by firms. Sell or be dumped. I know, I was there.

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