The U.K.'s Financial Services Authority has launched an official investigation into how Lloyds...

|About: Lloyds Banking Group plc (LYG)|By:, SA News Editor

The U.K.'s Financial Services Authority has launched an official investigation into how Lloyds (LYG) tracked the commissions it paid to staff who sold its financial products, the WSJ reports. The probe comes after the FSA interviewed over 20 financial institutions, with Lloyds found to have been especially aggressive; the bank has already set aside £4.3B for the misselling of payment-protection insurance.