Capita Trust agrees £300,000 precipice bonds fine

Around 500 customers who bought precipice bonds between June 1997 and September 2002 are said to have lost around £3.5m. However, the fine imposed on Capita could have been “considerably higher” according to the FSA, had the firm not agreed to compensate its customers - worth around £3.5m - and fully co-operate with the investigation. According to a statement from the FSA, Capita bought the trust business from R&SA Trust in May 2001 but the firm was first put under notice there were “serious deficiencies” in the advisory sales process in August 2001 as 95% of the 60 cases it reviewed ...