Bradford & Bingley rapped over precipice bonds

This sizeable fine – along with an agreement to pay £6m in compensation to 6,800 customers – was imposed, says the Financial Services Authority, because the company had been warned on several occasions since 1998 there may be a problem with their recordkeeping and the advice being given to clients as a result. The FSA says high street IFA brand Bradford & Bingley “did not make suitable recommendations to customers, did not maintain adequate records of sales, and did not have in place adequate systems and controls to prevent and ultimately address these failures” in relation to products s...