Bank of Scotland fined ?45.5m over fraud failure. They are outside links and certainly will start in a window that is new

Bank of Scotland fined ?45.5m over fraud failure. They are outside links and certainly will start in a window that is new

Share this with

They are outside links and can start in a brand new screen

These are outside links and certainly will start in a brand new screen

Close share panel

Bank of Scotland happens to be fined ?45.5m for failing woefully to alert authorities to very very early indications of a fraudulence which finished because of the jailing of six people.

The relates that are fine task by Lynden Scourfield, your head regarding the bank’s Impaired Assets group in 2007.

The Financial Conduct Authority (FCA) stated the financial institution knew he previously been sanctioning financing beyond their authority, but neglected to work correctly.

In 2017, Scourfield was sentenced to 11 years in jail february.

Five other people had been additionally jailed with their components when you look at the fraudulence, by which funds had been spent and diverted on luxury breaks and prostitutes.

Bank of Scotland ended up being element 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 activities – which occurred in the bank’s viewing branch – complete information had not been supplied to regulators until July 2009.

“There is no proof anyone realised, and even considered, the results of maybe maybe not informing the authorities, including just just how that may postpone appropriate scrutiny for the misconduct and prejudice the interests of justice, ” the FCA stated in a declaration.

“there clearly was challenge that is insufficient scrutiny or inquiry over the organization and all the way through, ” it said. Continue reading “Bank of Scotland fined ?45.5m over fraud failure. They are outside links and certainly will start in a window that is new”