Regulatory briefs
REGULATORY UPDATE
Lloyds fined £1.9 million for unsuitable sales -- The UK’s Financial Services Authority fined Lloyds TSB £1.9 million for "a number of unsuitable sales of a high-income, equity-linked bond through the LTSB branch network". In addition, Lloyds will pay £98 million in respect of 22,500 sales. According to the regulator, "LTSB did not have in place sufficiently rigorous procedures and controls for considering all of the issues surrounding the selling of the [product]". However, the FSA noted that
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