![]() The previous regulator, the FSA, had warned about the use of poorly managed incentive schemes over a number of years and.The FCA increased the fine by 10 per cent because: This created a significant risk that advisers would maintain or increase their salaries, and earn bonuses, by selling products to customers that they did not need or want. The FCA found that both firms had higher risk features in their advisers’ financial incentive schemes which were not properly controlled. "Both Lloyds TSB and Bank of Scotland have made substantial changes, and the reviews of sales and the redress now being made should right many of these wrongs." "Because there have been numerous warnings to the industry about the importance of managing incentives schemes, and because Lloyds TSB had been fined in 2003 for unsuitable sales of bonds, we have increased the fine by ten per cent. "Customers have a right to expect better from our leading financial institutions and we expect firms to put customers first – but firms will never be able to do this if they incentivise their staff to do the opposite. The review of incentive schemes that we published last year makes it quite clear that this is something to which we expect all firms to adhere. Financial incentive schemes are an important indicator of what management values and a key influence on the culture of the organisation, so they must be designed with the customer at the heart. "The findings do not make pleasant reading. Tracey McDermott, the FCA’s director of enforcement and financial crime, commented: In one instance an adviser sold protection products to himself, his wife and a colleague to prevent himself from being demoted. The incentive schemes led to a serious risk that sales staff were put under pressure to hit targets to get a bonus or avoid being demoted, rather than focus on what consumers may need or want. ![]() This is the largest ever fine imposed by the FCA, or its predecessor the Financial Services Authority (FSA), for retail conduct failings. The failings affected branches of Lloyds TSB, Bank of Scotland and Halifax (which is part of Bank of Scotland). Previous buildings to both, more in character.The Financial Conduct Authority (FCA) has fined Lloyds TSB Bank plc and Bank of Scotland plc, both part of Lloyds Banking Group (LBG), £28,038,800 for serious failings in their controls over sales incentive schemes. The building is of high quality and in good repair but architecturally less successful than No. Roof, two stone capped gables enclosing brickwork with pre-cast concrete coping to brick return into roof on left. Raised brick quoins at each end of elevation and between windows and pressed steel downpipe and hopper in centre. Second floor, two square windows with square panes in lead casements, moulded stone mullions, quoin style surrounds and moulded dripstones over. Dressed Portland stone dado to ground floor. Ground/first floors, each has two single storey height windows with square panes in lead casements, moulded stone mullions and transoms, quoin style surrounds and moulded dripstones over. 83 on three storeys with two window façade under two stone capped gables facing High Street and in red rustic semi-faced brick walling. ![]() Upper storey clad in weatherboarding with two sash windows and slow pitched roof, similar in structure to several others in town before weatherboard section added.Įmpty until 1948 when demolished and rebuilt as part of LloydsĪt the foot of the page is a photograph from the 1981 survey.īuilt 1948 in Jacobean style to match No. 85 comprised two cottages occupied by baker and greengrocer, rebuilt in late 17th/early 18th century, it had two bay windows with squared glass panes and roofed pillared porch between them, all surmounted by decorated cornice, and approached by two steps with white faced stone treads from the street. ![]()
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