Lloyds fined £45.5 million over HBOS fraud disclosure failings [Reuters (UK)]
Lloyds Banking Group Plc American Depositary Shares (LYG)
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Source: Reuters
Lloyds fined £45.5 million over HBOS fraud disclosure failings - Reuters 3 Min Read LONDON (Reuters) - Britain’s financial watchdog has fined Lloyds Banking Group 45.5 million pounds ($58 million) for failures at one of its businesses to disclose suspicions of fraud. The fine for the failings at an HBOS branch in Reading, southern England, closes one of the remaining regulatory chapters after the financial crisis a decade ago when Britain had to bail out several lenders. Halifax Bank of Scotland (HBOS) was involved in one of Britain’s biggest ever banking frauds in the early 2000s, which saw some of its bankers enrich themselves at the expense of struggling business clients, some of whom succumbed to insolvency after being advised to borrow unsustainable amounts. HBOS was rescued in a state-engineered takeover by Lloyds in 2009. The Financial Conduct Authority (FCA) says HBOS identified suspicious conduct in Reading in early 2007 but did not tell the regulator until 2009, the year Llo
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LYG
Sec Filings
- 5/10/24 - Form 6-K
- 5/10/24 - Form 6-K
- 5/9/24 - Form 6-K
- LYG's page on the SEC website