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FSA fines Bradford & Bingley 650,000

The FSA has today fined Bradford & Bingley 650,000 for the widespread mis-selling of precipice and with-profit bonds.

B&B has also agreed to pay 6m in compensation to the 6,800 customers affected.

The FSA says the firm did not make suitable recommendations to customers, did not maintain adequate records of sales, and did not have in place adequate systems and controls to prevent and ultimately address these failures.

Director of enforcement Andrew Procter says: “This is a very serious case of mis-selling which was made worse by the fact that Bradford and Bingley had prior warning of the specific concerns about its record keeping. However, the firm failed to pay sufficient attention to these warnings and take adequate action, which put thousands of its customers at risk of financial loss.”

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