Tracey McDermott
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Lloyds fine: 'Advisers not supposed to be salespeople'

Lloyds Banking Group has been fined £28m for "serious failings" in relation to bonus schemes for sales staff.

The Financial Conduct Authority (FCA) said it was the largest fine that it or the former Financial Services Authority had imposed for retail conduct failings.

FCA director Tracey McDermott explained how customers were sold products regardless of suitability so that staff could meet sales targets.

"They aren't supposed to be salespeople, they are supposed to be advisers and one of the problems with this incentive scheme was that it really focused on them as salespeople", she told Jonty Bloom.

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