Lloyds TSB fined pounds 425,000 by Imro
Friday 15 January 1999
Imro said Lloyds had failed to act with due skill, care and diligence in 10 separate respects for five years between November 1993 and November 1998.
The bank also overcharged its unit trusts, failed to organise its internal affairs responsibly, failed to prevent clients going into overdraft, and failed to pay interest to customers.
The regulator listed multiple rule breaches stemming from a combination of defective computer systems and staff breaking the bank's own rules. Some customers were illegally issued with two PEPs in the same year. Some customers were charged twice and others failed to receive the tax credit owed to them when they cashed in their PEPs. Lloyds also failed to ensure client money was invested in the PEP at the right time.
Inadequate procedures put clients in the position of breaking Inland Revenue rules. In some cases, staff failed to record national insurance numbers and over-rode on-screen warnings. Lloyds has paid pounds 920,000 in compensation to 5,486 customers affected by the blunders.
- 1 Venezuela Expo Tattoo 2015: Extreme body art from 'Vampire Woman' to 109mm earlobes
- 3 Ball pool for adults opens in London
- 4 Game of Thrones season 5 trailer: The first full-length look is here
Mia Khalifa: Pornhub star claims Drake sent her 'cringeworthy' naked photos on Instagram
Boris Johnson claims porn-obsessed Islamic jihadists are 'literally w*****s'
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Putin opponent reveals Russian President's daughter's secret identity
Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
King Abdullah dead: We can't afford not to hold Saudi Arabia's royals to account
iJobs Money & Business
£40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...