Bank of Scotland fined for handling complaints poorly

Customer complaints were unfairly rejected by the Bank of Scotland. Consumers who deserve compensation will be notified by the bank. The Bank of Scotland has been fined £3.5 million by the Financial Services Authority (FSA) for mishandling customer complaints and will have to provide £17 million in compensation to affected consumers. The penalty was imposed on Wednesday after the FSA concluded that the lender had rejected many complaints that should have been upheld - 45% of the 2,592 complaints that were lodged should have been maintained. The customer grievances covered five different investment policies - the Bank of Scotland's Collective Investment Plan, the ...