The Financial Services Authority (FSA) has fined the Bank of Scotland (BOS) £3.5m for failures in handling customer complains, and secured £17m in compensation for customers.
Many of the complaints related to retail investment products and came from older customers with little or no investment experience, the FSA found. BOS received 2,592 complaints about its sales between 30 July 2007 and 31 October 2009. Complaints related to sales of the bank's Collective Investment Plan, Personal Investment Plan, Guaranteed Growth Bond, ISA Investor and Guaranteed Investment Plan. Of complaints rejected by BOS, 45% should have been upheld, according to the bank's own internal review. The FSA said the bank failed to investigate complaints properly, without taking ...
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