The U.K. Financial Conduct Authority (FCA) has fined Bank of Scotland £45.5 million (U.S. $57.8 million) for failing to alert the regulator that the bank suspected fraud at its business turnaround unit and that managers were milking vulnerable companies through excessive fees.
The FCA found that the bank “failed to be open and cooperative” and failed to disclose information appropriately to the then-regulator, the Financial Services Authority (FSA). The fine was reduced from £65 million (U.S. $83M) due to Bank of Scotland’s early decision to cooperate.
