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FCA investigates major bank


FCA investigates major bank

Lloyds Banking Group has confirmed it is currently under investigation by the Financial Conduct Authority (FCA).

The FCA is investigating the group with regards to its mortgage arrears handling. 

It follows news earlier this year that Bank of Scotland, part of the Lloyds Banking Group, topped the Financial Ombudsman list of mortgage complaints with over 600 in the second half of 2015.

“In May, the FCA informed the group that it was commencing an investigation in connection with the group’s mortgage arrears handling,” Lloyds Banking Group stated in its half-year results for 2016.

“At this stage it is not possible to make an assessment of the outcome of this ongoing review.”

Lloyds Banking Group also revealed it was awaiting a final decision from the FCA over PPI complaints and provisions, which is expected to be concluded by mid-2018.

The group confirmed it may have to reassess its provision if a final FCA decision takes longer than the proposed two years.

Lloyds also revealed that it would be closing around 200 branches and is set to cut 3,000 jobs by the end of next year. 




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