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FSA fines Bank of Scotland
Bank of Scotland, owned by Lloyds Banking Group, has been slapped with a £3.5m fine from the Financial Services Authority (FSA) for failures in how it handled certain customer complaints. The FSA added it had also secured £17m in compensation for customers, following complaints about the company’s retail investment products. Between July 2007 and October 2009, Bank of Scotland received 2,592 complaints about sales of several investment products, some of which the FSA said were wrong rejected. The watchdog said it will continue to make “intrusive assessments” of banks with a complaints issue.