Abbey receives £800,000 fine for endowment complaints

A statement issued by the FSA says the banking group was fined such a huge amount because it was found to have mishandled 5,000 complaints between October 1st, 2001 and September 30th 2003 - 3,500 of which were rejected and should have been upheld. Moreover, the FSA also says the firm provided the City watchdog with “inaccurate and potentially misleading information” in response to a letter from John Tiner, FSA managing director, concerning handling of mortgage endowment complaints, however, the penalty imposed is much lower than it could have been, according to the FSA, as Abbey’s new m...