BBG fined for mis-selling

Regulator says bradford & Bingley did not make suitable recommendations for customers

Bradford & Bingley (BBG) received £4.7m in commission from mis-sold precipice and with-profits bonds over 2001 and 2002. Overall, the group received around £22m in commission from the sale of such products, with subsequent analysis from the FSA showing 21% of its precipice bond and 22% of its with-profit bond sales were unsuitable for the customers in question. In light of this, BBG is the latest group to be fined for its part in precipice bond mis-selling, with an overall liability of more than £6.5m. The FSA has fined the group £650,000 for mis-selling, with BBG to pay a further £6m in ...