Lloyds Banking Group is being investigated by the Financial Services Authority (FSA) over commission payments on its retail product sales, according to the Financial Times.
The FT said the FSA's enforcement division is assessing the adequacy of controls over commission payments and other staff rewards on retail products at the banking group. The investigation is part of a "wider crackdown" on incentive payments and bonus structures it thinks encourage mis-selling of financial products, such as payment protection insurance (PPI). FSA conduct division head Martin Wheatley announced a review of sales incentive programmes at 22 banks, brokers and insurance companies this morning. Lloyds was among the sample of businesses involved in the review, the FT said. ...
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