Sesame hit with £330k precipice bonds fine

The Financial Service Authority says it identified the problems with Sesame’s complaints handling - which relate to complaints about sales made by the firm’s legacy networks - during its thematic review of SCARPs in March and August 2004. Following the review the FSA says it found Sesame had incorrectly rejected complaints from approximately 350 customers between March 2003 and October 2004, leading these customers to lose nearly £5.9m. A SCARP, or precipice bond, is a product which provides a fixed level of income - which can be either drawn down or accumulated - over a fixed investmen...