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NatWest hammered £750,000 by regulator

NatWest bank has been fined £750,000 and ordered to pay £2.35m compensation to investors by financial watchdogs Imro and the PIA for breaching insurance and investments sales regulations.

The PIA fined NatWest £500,000 for breaches in its marketing of insurance and investments during a monitoring visit in autumn 1997.

It also criticised NatWest for failing to provide proper training for sales staff.

Imro fined NatWest £250,000 for shortcomings in its unit trust business between January 1993 and June 1999.

It claimed the bank failed to give agreed discounts to investors or carry out regular reviews of investments held in customer portfolios to ensure they performed in line with others.

The fines jointly make up the third largest amount imposed on a bank.

The largest was £2m Imro ordered Deutsche Morgan Greenfell to pay in 1997 and the second was £900,000 the PIA ordered Liverpool Victoria to pay in 1999 for pensions mis-selling.

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