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Bank of Scotland

Controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

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  1. 2020

    FCA fines Lloyds Bank over mortgage-customer handling

    Fine or penalty

    The UK Financial Conduct Authority fined Lloyds Bank £64 million for failures in handling mortgage customers in financial difficulty or arrears. The regulator said the banks risked treating customers unfairly by not sufficiently understanding their circumstances. Lloyds said impacted customers had been contacted and reimbursed.

    Company response

    • Refund or compensation — Lloyds

      Lloyds said that all customers impacted have already been contacted and reimbursed and that customers need to take no action.

    • Refund or compensation — Lloyds

      Lloyds said that all customers affected have already been contacted and reimbursed, and that customers need to take no action.

    • Remediation — Lloyds

      We have since taken significant steps to enhance how we support mortgage customers experiencing financial difficulty, including investing in colleague training and procedures

    • Apology — Lloyds Banking Group

      We have contacted all customers who were affected between 2011 and 2015 to apologise

    Source excerpt

    • Lloyds and its Bank of Scotland and The Mortgage Business units are set to pay around £300 million in redress to 526,000 customers, and the redress program is nearly complete, the FCA said in a statement on Thursday.   Â
    • Britain's Financial Conduct Authority has fined  £64 million ($81.26 million) for failures in handling hundreds of thousands of mortgage customers in difficulties or arrears.Lloyds Bank
    • "By not sufficiently understanding their customers' circumstances the banks risked treating unfairly more than a quarter of a million customers in mortgage arrears, over several years," said Mark Steward, the FCA's executive director of enforcement and market oversight.
    Source

  2. 1999

    Cancelled Pat Robertson US banking venture

    A proposed US retail banking venture involving evangelist Pat Robertson was criticised after Robertson made controversial comments describing Scotland and homosexuality. Bank of Scotland cancelled the arrangement.

    Source