June 21, 2019 / 8:38 AM / 4 months ago

Lloyds' Bank of Scotland unit fined 45.5 mln pounds over HBOS fraud disclosure failings

June 21 (Reuters) - Britain’s financial watchdog said it had fined Bank of Scotland, part of Lloyds Banking Group, 45.5 million pounds ($57.69 million) for failing to disclose suspicions that fraud may have occurred at the Reading-based Impaired Assets team of Halifax Bank of Scotland.

HBOS was once Britain’s biggest mortgage lender, and was rescued in a state-engineered takeover by Lloyds, which has apologised to victims of the fraud and set up a 100 million pounds compensation scheme. ($1 = 0.7887 pounds) (Reporting by Noor Zainab Hussain in Bengaluru Editing by Rachel Armstrong)

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