The fine on Lloyds for serious failings over bonus schemes for sales staff is said to represent 1.5 per cent of the £1.69bn pre-tax profit Lloyds reported for the first nine months of the year alone in October but the FCA recently fined Sesame the equivalent of all their profits for one year.
How can this be fair, when a bank is fined so little for continuous, deliberate failure? It’s about time the people responsible at the banks were prosecuted, then that might direct their minds, and others’ in the most senior positions, to make sure they complied with the rules, but I am not holding my breath.
The FCA, as with past regulators, has clearly demonstrated that it has one rule for us and one rule for their friends at the banks.
David P Barnett
DPB Independent Financial Services