MPs File Senior Managers Complaint Over HBOS Scandal

Law360, London (January 6, 2021, 1:31 PM GMT) -- A cross-party group of MPs has launched a complaint to the Financial Conduct Authority against Lloyds Banking Group, claiming that the lender breached rules for senior managers and cannot be trusted to fairly compensate victims of a £245 million ($330 million) fraud at its HBOS subsidiary.

The All-Party Parliamentary Group on Fair Business Banking said on Tuesday that it has filed a complaint to the City watchdog under the Senior Managers and Certification Regime. The conduct rules require senior managers at regulated firms to act with integrity, due care and diligence.

The group alleged in a Dec. 23 letter to FCA...

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