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Bank of Scotland is fined ?45.5m for failing woefully to alert authorities to very very early indications of a fraudulence which finished using the jailing of six individuals.
The fine pertains to task by Lynden Scourfield, the pinnacle associated with bank’s Impaired Assets group in 2007.
The Financial Conduct Authority (FCA) stated the lender knew he previously been sanctioning financing beyond their authority, but did not work precisely.
In 2017, Scourfield was sentenced to 11 years in jail february.
Five other people had been additionally jailed due to their parts within the fraudulence, by which funds had been spent and diverted on luxury breaks and prostitutes.
Bank of Scotland ended up being section of Halifax Bank of Scotland (HBOS), which became an element of the Lloyds Banking Group in ’09.
The FCA stated that, despite being conscious of Scourfield’s tasks – which occurred in the bank’s browsing branch – complete information wasn’t supplied to regulators until July 2009.
“there’s also no evidence anyone realised, and even seriously considered, the effects of maybe perhaps perhaps not informing the authorities, including just how that may wait proper scrutiny of this misconduct and prejudice the passions of justice, ” the FCA stated in a declaration. Read More