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FCA issues £45.5m fine over HBOS Reading fraud scandal

FCA issues £45.5m fine over HBOS Reading fraud scandal

Business
By James Sillars, business reporter Bank of Scotland (BoS) has been fined £45.5m by the City regulator for failures to disclose suspicions of fraud at its scandal-hit Reading branch.The Financial Conduct Authority (FCA) said the bank first identified suspicious conduct in the Impaired Asset Team (IAT), based in the Berkshire town, in early 2007. It said that it was not until July 2009 that regulators were provided with full disclosure.Six people were jailed in 2017 in connection with the fraud, including two former HBOS managers. Image: Former Deal or No Deal TV host Edmonds allegedly fell victim to the fraud by former staff at HBOS Reading The £245m scam saw bank manager Lynden Scourfield approve