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Lloyds Banking Group accepts the findings of an FCA investigation

11 December 2013

Lloyds Banking Group accepts the findings of an FCA investigation into its historic systems and controls governing bancassurance legacy incentive schemes for branch advisers, and has agreed to pay a fine of £28m.

As soon as these issues were identified in 2011, the Group acted immediately to make significant changes to ensure that all its schemes focused on doing the right things for customers and providing good service.

The Group has already commenced a review to address potential customer impacts that may have occurred as a result of these failings. Customers do not need to take any action at this stage to be included in the review and they will be contacted in due course.

The Group apologises to its customers for the impact that they may have had.

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