FCA fines Bank of Scotland for failing to report suspicions of fraud at HBOS Reading

Industry News | 21/06/19

The Financial Conduct Authority (FCA) has fined Bank of Scotland (BOS) £45,500,000 for failures to disclose information about its suspicions that fraud may have occurred at the Reading-based Impaired Assets (IAR) team of Halifax Bank of Scotland. The FCA found that BOS failed to be open and cooperative and failed to disclose information appropriately to the then regulator, the Financial Services Authority (FSA).