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FSA getting strict on companies who fall short of best practice
Dec 4 2008, 17:14 PM
The Financial Services Authority (FSA) has announced another multi-million fine of a company in a crackdown on best practice in line with the Treating Customers Fairly initiative.
One of many high-profile penalties handed out to errant businesses; the recent fines illustrate the FSA's increasingly hardline approach to businesses who infringe best practice regulations particularly in light of the current economic malaise.
Alliance and Leicester and HFC Bank have also recently received multi-million pound fines for systems breaches and providing erroneous business advice to customers.
FSA director of enforcement Margaret Cole commented: "Firms must treat their customers fairly by making every effort to provide them with suitable advice.
"This fine of £1.12 million [was imposed because the company] failed to establish its customers' needs and did not provide them with complete and accurate information which resulted in a large number of mis-sales."
In November the FSA published its Retail Distribution Review, which drew up a series of guidelines to ensure consumers are receiving best practice within the financial sector.
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