Abbey National plc
Company: Abbey National plc
Fine Amount: £800k
Date: 25th May 2005
Abbey was been fined £800,000 for mishandling endowment compensation claims between 1st October 2001 and 30th September 2003, affecting a total of around 5,000 complaints. Of these, around 3,500 complaints were wrongly rejected, according to the FSA.
Abbey committed themselves to reviewing all rejected complaints since 1st January 2001, and to compensating any customers who were found to have been wrongly rejected.
Abbey also launched a complete overhaul of its procedures, with the aim of ensuring that no past or present customers would face financial loss becuase of mishandling.