Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

FSA fines Co-op Bank for freezing PPI complaints process

FSA fines Co-op Bank for freezing PPI complaints process

The Financial Services Authority (FSA) has handed a £113,000 fine to The Co-operative Bank over unfairly dealing with payment protection insurance complaints.

The regulator said the Co-op put a hold on many customers’ PPI complaints, when it could have moved forward with the claims.

The FSA added that it had written to the industry making clear that claims should progress normally while the British Bankers Association was unsuccessfully challenging the regulator’s PPI complaints procedure in the High Court.

‘The FSA made it clear that firms must continue to process complaints where possible during the judicial review and we warned that enforcement action could be taken if this was not done, said Tracey McDermott, director of enforecement and financial crime at the FSA.

‘Despite this warning Co-op put in place a policy that was likely to lead to complaints not being dealt with properly during the legal proceedings.’

She added that while customers saw no financial loss from having their complaint put on ice, the delays were still irksome for those affected by the PPI misspelling.

‘We will continue to take action where we find PPI customers have not been treated fairly.’

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Where A-rated Pattullo is finding the best bond opportunities

Where A-rated Pattullo is finding the best bond opportunities

Henderson Global Investors head of retail fixed income explains how he is managing his fund against the surprise current monetary policy divergence.

1 Comment Play Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Our much anticpated new series is here! We hand a black cab driver a tenner and grill the manager of the 125-year Merchants trust until the meter runs out.    

Play Europe bulls, a retail boost and why a little inequality can be a good thing

Europe bulls, a retail boost and why a little inequality can be a good thing

This week’s Investment Pulse looks at whether investors should be bullish on Europe, the surprise rise in UK retail sales and if a little inequality is a good thing.

Your Business: Cover Star Club

Profile: meet the duo at the heart of Hargreave Hale's succession plan

Profile: meet the duo at the heart of Hargreave Hale's succession plan

For the first time in the company's history a non-Hargreave is now at the head of the north west broker and asset manager

Wealth Manager on Twitter