Lloyds of money

25 Sep

The Financial Services Authority has shown its teeth by fining Lloyds TSB over mis-selling an investment bond (see BBC news report).

I missed the interview with the bank’s spokesperson on the radio this morning, but had noted the appointment of a new chief for its Scottish Widows subsidiary (responsible for this investment bond) just two days ago. I had suspected some bad news because of the neutral title of this statement to investors (PDF file).

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