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Imro fines Lloyds TSB £100,000

Lloyds TSB has been fined £100,000 by City regulator Imro for failings in its now deceased custody business that looked after share certificates and other valuable documents for customers.

The failures included inadequate procedures for holding bearer bonds, which attract thieves because owners are not registered by the issuer.

In November 1997 Lloyds lost track of £30 million of the bonds although they were eventually found.

Lloyds which also has to pay £115,000 legal fees said it deeply regretted the errors and accepted the findings.

This is the third £100,000 fine imposed by Imro in four months, Royal Bank of Scotland was fined in August and Yorkshire Bank in October.

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