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Imro fines Coutts £50k for Pep admin blunders

Imro has fined the Queen&#39s bank Coutts & Co £50,000 for failing to

act with due skill, care and diligence in relation to the administration of

its Pep business.

Coutts has also been hit with a compensation bill totalling £225,000

which has been paid out to 634 investors as a result of the various


The biggest payout of £125,600 resulted from errors in the

administration of its managed Peps which caused variations in the stock

held by planholders between March 1997 and November 1998.

Other payouts included those resulting from delays in the processing of

Pep applications submitted by 59 investors in the same year, and busting

the deadlines for investing the monthly subscriptions of 101 of its Pep

customers in the summer of 1997.

The firm will also pay Imro&#39s costs of £32,140.

Coutts is primarily regulated by theBank of England. It is regulated by

Imro in respect of its Pep business. Since February 1998, it has delegated

the adminof its Pep business to a third party.

Coutts head of PR Julie Cooper says: “The problem relates back a couple of

years. We identified the problem ourselves and ensured the clients

disadvantaged have been fully compensated. There is also a new management

structure and team in place.”


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