The FSA has fined Bradford & Bingley £650,000 for precipice and with-profit bond mis-selling, with t...
The FSA has fined Bradford & Bingley £650,000 for precipice and with-profit bond mis-selling, with the group to pay a further £6m in compensation.
With the mis-selling occurring between January 2001 and December 2002, the regulator said Bradford & Bingley did not make suitable recommendations to customers, failed to maintain adequate records of sales and did not have appropriate systems in place and controls to prevent and address these failures.
The £6m compensation will be spread across 6,800 customers. The FSA said the misselling was made more serious by the fact Bradford & Bingley had prior warning of specific concerns over its record- keeping and failed to pay sufficient attention to these. It was made aware of documentation failings after a Personal Investment Authority (PIA) monitor-ing visit in October 1998.