The U.K. Financial Conduct Authority (FCA) has fined Lloyds Banking Group £64 million (U.S. $80 million) for its failure to adequately protect struggling mortgage clients.
Lloyds Bank, Bank of Scotland, and its offshoot The Mortgage Business—all part of the same group—failed to take struggling customers’ financial circumstances into account when arranging repayments between April 2011 and December 2015, according to the FCA. Over 250,000 customers with mortgage arrears may have been adversely impacted.
