Lloyds subsidiaries penalised £64m for mortgage arrears call-handling issues

The Financial Conduct Authority has fined Lloyds Bank, Bank of Scotland and The Mortgage Business £64,046,800 for poor information-gathering about mortgage customers in payment difficulties, as well as inadequate systems to ensure they are treated fairly. This is the highest penalty levied on a high-street player in five years. On top of this, the three banks – which are wholly-owned subsidiaries of Lloyds Banking Group – have nearly completed paying customers around £300 million in a redress programme.