Lloyds Banking Group has been fined £28m for "serious failings" in relation to bonus schemes for sales staff.
The Financial Conduct Authority said it was the largest fine that it or the former Financial Services Authority had imposed for retail conduct failings.
The bonus scheme put sales staff under pressure to hit targets or risk being demoted, the FCA said.
"The findings do not make pleasant reading," said FCA director Tracey McDermott.
"In one instance, an adviser sold protection products to himself, his wife and a colleague to prevent himself from being demoted," the FCA said.
The FCA said the failings affected branches of Lloyds TSB, Bank of Scotland and Halifax.
"Customers have a right to expect better from our leading financial institutions and we expect firms to put customers first - but firms will never be able to do this if they incentivise their staff to do the opposite, said Ms McDermott.
"Because there have been numerous warnings to the industry about the importance of managing incentives schemes, and because Lloyds TSB had been fined in 2003 for unsuitable sales of bonds, we have increased the fine by 10%," she added.
The FCA said both Lloyds and Bank of Scotland had since made "substantial changes" and that many of the wrongs were now being righted.
The firms had agreed to review sales of investment products by financial advisers and "pay redress where unsuitable sales took place", it added.
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