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| Version 0 | Version 1 |
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| Bank of Scotland fined over complaints errors by FSA | Bank of Scotland fined over complaints errors by FSA |
| (40 minutes later) | |
| Customers of the Bank of Scotland are expected to receive £17m in compensation following mishandling of complaints about investment products. | Customers of the Bank of Scotland are expected to receive £17m in compensation following mishandling of complaints about investment products. |
| The Financial Services Authority (FSA) has fined the bank £3.5m after it found that many complaints were rejected when they should have been upheld. | The Financial Services Authority (FSA) has fined the bank £3.5m after it found that many complaints were rejected when they should have been upheld. |
| Policies were often sold to older customers with little knowledge of investing. | Policies were often sold to older customers with little knowledge of investing. |
| The bank has apologised and will review thousands of cases. | The bank has apologised and will review thousands of cases. |
| Failures | |
| The bank has agreed to review 8,614 rejected complaints relating to investment advice given from February 2004 to the end of 2009. | |
| This is expected to lead to compensation payments of more than £17m, with £2.4m already having been paid out by the bank. | |
| This was triggered by an investigation into 2,592 complaints about five different investment policies between July 2007 and October 2009. | |
| They were the Bank of Scotland's Collective Investment Plan, the Personal Investment Plan, the Guaranteed Growth Bond, the ISA Investor and the Guaranteed Investment Plan. | |
| The FSA said that an internal review by the bank found that 45% of these complaints should have been upheld rather than rejected. | |
| In addition, the bank will also investigate a further 7,903 investment sales to Halifax and Bank of Scotland customers, regardless of whether the customers made a complaint or not. |