01 · In plain English
What happened.
On 28 July 2014 the Financial Conduct Authority imposed a combined £105,000,000 penalty on Lloyds Bank plc and Bank of Scotland plc for manipulating submissions to two benchmark rates (the Repo Rate and LIBOR), in breach of Principles 3 and 5. The penalty was split equally between the two firms (so £52,500,000 each) and was discounted from £150,000,000 for early settlement. Principle 5 requires firms to observe proper standards of market conduct; Principle 3 requires firms to take reasonable care to organise and control their affairs responsibly. The FCA final notice is linked below; the register entry does not state the exact period of the misconduct.
Summarised from the FCA's notice and press reports. The FCA's own text and documents below are the authoritative record.
02 · Enforcement details
What the FCA register says.
On 28 July 2014, the FCA imposed on Lloyds Bank plc and Bank of Scotland plc a financial penalty of £105,000,000 (split evenly between the two firms and discounted from £150,000,000 for early settlement) in respect of breaches of Principle 3 and 5 of the FCA's Principles for Businesses. The Firms committed misconduct by breaching Principle 5 and Principle 3 of the Authority's Principles for Businesses through manipulating submissions to two benchmark reference rates, the Repo Rate and LIBOR, in order to seek to manipulate those rates. The Final Notice can be found at the following link.
03 · Firm details
Firm on the FCA register.
- Firm name
- Bank of Scotland plc
- Firm reference number
- 169628
- Register status
- Authorised
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