Posts Tagged ‘financial services authority’
Customers of the Bank of Scotland are looking like they’re going to receive £17m in compensation after the company mishandled complaints about investment products. Sadly, this £17m is going to be split between loads of you, as opposed to you getting £17m each, which would’ve been nice.
The Financial Services Authority (FSA) have fined BoS £3.5m after they found that many complaints which should have been upheld were in fact rejected by the bank.
It appears that policies were being sold to older customers who had virtually no knowledge of investing and the bank has apologised, promising to review the 8,614 of cases of rejected complaints.
This all came about because the Financial Ombudsman Service received appeals from investors who thought that they’d had their complaints rejected wrongly, which led to an investigation into the Bank of Scotland’s Collective Investment Plan, the Personal Investment Plan, the Guaranteed Growth Bond, the ISA Investor and the Guaranteed Investment Plan.
“This fine reflects the Bank of Scotland’s serious failure to treat vulnerable customers fairly,” said Tracey McDermott, the FSA’s acting director of enforcement and financial crime.
Ray Milne, risk director at Bank of Scotland, told the BBC: “We recognise that on this occasion we have fallen short of the high standards of service our customers should be able to expect of us and we apologise to them for this. We are committed to putting this right. I would like to assure customers that the issues relate to processes that are no longer used today. We are in the process of contacting affected customers and will pay compensation where it is due.”
Customers who have had rejected complaints don’t need to do a thing. If the review now upholds their complaint, you’ll be compensated automatically by the end of July.
Is your house flooding thanks to all your radiators deciding to bleed at the same time? Has your boiler just exploded, sending the kitchen into next door’s living room?
No matter! Just ring Homecall+ who can… oh… er… they’ve gone into liquidation. You’ve had it mate.
The Financial Services Authority (FSA) are stating that Homecall+ “must not carry on regulated activities” as it is “in liquidation”.
That’s right. Homecall+, who provide heating and plumbing cover, went bust on the 10th of May and no-one really got told. Don’t worry if you bought insurance on or before 3rd December 2010 though, because you should still be fully protected.
Everyone else will have to hope that the Financial Services Compensation Scheme (FSCS) is dealing with the situation, although, nothing has been confirmed yet.
Moneysavingexpert decided to test the Homecall+ website today because it appears to still be active. The site was even allowed to go through a policy purchase until the payment page, but no further as they quit the application for fear of having money taken off them which, presumably, they wouldn’t get back.
It seems that there’s not much point trying to get in touch with Homecall+, as their lines are permanently engaged and there’s a good chance your policy is now worthless.