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The Financial Conduct Authority (FCA) has imposed a record fine of £117m on Lloyds Banking Group for mishandling complaints linked to Payment Protection Insurance (PPI).

The government-backed bank publicly apologised to customers affected and confirmed that there would be £30m hit on the group’s bonus pool as a result of the penalty. It said £2.65m worth of bonuses were being withheld from executives.

Lloyds confirmed that its chief executive Antonio Horta-Osorio will personally forfeit £350,000 in bonuses following the bank’s fine.

Lloyds chairman Lord Blackwell said: “We accept the FCA’s findings and apologise to those customers who were impacted.”

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