Co-op Bank fined £113k for TCF failings

The Financial Services Authority (FSA) has fined the Co-operative Bank £113,300 for "serious failings" in its handling of complaints arising from sales of Payment Protection Insurance (PPI).

The FSA found that the Co-op's process for dealing with PPI complaints during a judicial review into the issue was inadequate and was likely to lead to a failure to identify complaints capable of being progressed during that period. As a result, Co-op incorrectly stayed PPI complaints that were capable of being progressed, the FSA said. Co-op also failed to send a final response to some complainants within the eight-week timescale stipulated under the FSA's regualtions for dealing with disputes. Because of this the Co-op Bank failed to pay due regard to the interests of its custome...