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 Unseen Charlie and the Chocolate Factory chapter deemed 'too subversive' released
- 2 Ebola virus: It's ripped through towns – now the deadliest ever outbreak of the virus is heading for Africa's teeming cities
- 3 Joan Rivers: 'Palestinians deserve to be dead'
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 Mexican woman becomes world’s 'oldest person' at 127
Israel-Gaza crisis: YouTube footage shows scale of destruction after 50 days of shelling
iPhone 6 'hidden code' could indicate sharper screens or bigger phones
Keira Knightley topless: Conservative actress does own take on #Freethenipple campaign for Interview Magazine
Joan Rivers: 'Palestinians deserve to be dead'
Ebola virus: It's ripped through towns – now the deadliest ever outbreak of the virus is heading for Africa's teeming cities
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Do you realise just how foolish the UK looks?
With Douglas Carswell joining Ukip, my party has taken another giant step forward
iJobs Money & Business
£40000 - £45000 per annum: Ashdown Group: An established professional services...
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
£28 - 32k + Uncapped Commission: Guru Careers: A Business Development Manager ...
£40000 - £70000 per annum + Bonus+Benefits+Package: Harrington Starr: C# .NET ...