10 January 2013
Bank failed to handle PPI complaints fairly
The Co-operative Bank plc (Co-op) has been fined £113,300 for failing to handle payment protection insurance (PPI) complaints fairly. The Financial Services Authority (FSA) imposed the penalty because the Co-op put about 1,629 PPI complaints on hold during the British Bankers’ Association’s unsuccessful judicial review of new FSA measures. This contradicted FSA advice that many claims could be progressed normally.
