FCA Fines Bank of Scotland £45M Over Fraud Scandal
Law360, London (June 21, 2019, 10:09 AM BST) -- The Financial Conduct Authority fined the Bank of Scotland £45.5 million ($57.7 million) on Friday for failing to disclose its suspicions that former employees were defrauding customers in a massive loan scam that wrecked vulnerable businesses.
The lender, which is now owned by Lloyds Bank PLC, failed to alert the regulator or the police when it identified suspicious conduct at its branch in Reading, west of London, the City watchdog said. (AP)
Halifax Bank of Scotland withheld information for two years about the fraud at the bank's branch in Reading, west of London, the City watchdog said.
Former managers at the HBOS...
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