Sesame fined £330,000 for precipice bond failing

Sesame was fined for actions that date back to March and August 2004 (a time period being looked at as part of the FSA’s review of SCARPs). The FSA said that Sesame incorrectly rejected complaints from approximately 350 customers, who lost a total of nearly £5.9m, between March 2003 and October 2004. The complaints related to sales made by Sesame’s legacy networks. William Amos, head of retail enforcement at the FSA, said: “Sesame has no excuse for complaint handling failures of this kind, not least because the FSA had already issued a number of publications concerning both SCARPs and c...