Mortgage News
FSA fines Bank of Scotland £3.5m over complaints failures
The Financial Services Authority (FSA) has fined the Bank of Scotland (BOS) £3.5m for failures in handling customer complaints, and secured £17m in compensation for customers.
Many of the complaints related to retail investment products and came from older customers with little or no investment experience.
Between 30 July 2007 and 31 October 2009, BOS received 2,592 complaints about its sales of the Collective Investment Plan, Personal Investment Plan, Guaranteed Growth Bond, ISA Investor and Guaranteed Investment Plan.
