Lloyds Banking Group has been fined a total of £218m by UK and US authorities for a series of failings, including manipulating fees it owed to the Bank of England (BoE) for a taxpayer-backed scheme designed to support the UK's banks during the financial crisis.
The Financial Conduct Authority (FCA) has fined Lloyds Bank and the Bank of Scotland, both part of Lloyds Banking Group, £105m for serious misconduct relating to the Special Liquidity Scheme (SLS), the British Bankers' Association (BBA) Repo Rate and the London Interbank Offered Rate (LIBOR). Lloyds said in a statement it had reached settlements totaling £218m with UK and US authorities for "legacy issues regarding the manipulation several years ago" of its submissions to LIBOR and the Repo Rate. The BBA Repo Rate was used by the Bank to calculate the fees for the SLS. A total of £...
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