Brokers must take heed of Bank of Scotland fine
Brokers have been urged to examine their own complaints procedures following the Bank of Scotland being dealt a £3.5m fine by the Financial Services Authority (FSA) for mishandling complaints.
Mathew Rutter, financial services partner at national commercial law firm Beachcroft, warned that although in this case it was a bank that was fined, all firms should pay attention.
"The fine was not for mis-selling, but for sub-standard complaints procedures. For example, the FSA found failures to investigate complaints properly and to assess complaints fairly. It also highlighted a failure to carry out adequate root-cause analysis of complaints and deficiencies in record keeping.
"All firms -
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