UK watchdog fines Lloyds record 28 mln stg for sales failings

LONDON, Dec 11 (Reuters) - Britain's Financial Conduct Authority imposed a record 28 million pounds ($46.00 million) fine on Lloyds Banking Group for "serious failings" in the way it incentivised its sales team.

"The incentive schemes led to a serious risk that sales staff were put under pressure to hit targets to get a bonus or avoid being demoted, rather than focus on what consumers may need or want," the watchdog said in a statement on Wednesday.

"In one instance an adviser sold protection products to himself, his wife and a colleague to prevent himself from being demoted."