Regulator slaps its biggest ever retail fine on Lloyds Banking Group for creating a culture of mis-selling by incentivising staff to sell thousands of products to customers regardless of whether they needed them

Lloyds Banking Group has been fined £28m by the Financial Conduct Authority for putting staff under so much pressure to sell some even bought the products to save themselves from the axe. The FCA said that incentive schemes created a "culture of mis-selling" between 2010 and 2012 where sales staff across Lloyds, Bank of Scotland and Halifax were put under pressure to hit targets to avoid being demoted, rather than focus on what consumers may need or want. Taxpayer-backed Lloyds has already set aside more that £8bn to compensate victims of PPI - Payment Protection Insurance mis-selling - by far the largest provision made by any British bank.....Read more Here