FSA Fine RBS £2.8m

[leclerc]

Re: FSA Fine RBS £2.8m

AC isn't the only one that despises RBS.

I understand there is a RBS "victim" research and support group about to be set up :tinysmile_grin_t:

I suggest everyone reads the link below.




Royal Bank of Scotland execs think they are above the law | Ian Fraser

You clearly have no idea. I've known of this guy for years even before ever joining forums and he REALLY REALLY hates natwest/RBS to the point in which he fought RBS for the .com internet address and won.
The Royal Bank of Scotland (RBS) and Natwest Bank Fraud, Illegal and Unethical Practices

[Ihaterbs]

Re: FSA Fine RBS £2.8m

AC isn't the only one that despises RBS.

I understand there is a RBS "victim" research and support group about to be set up :tinysmile_grin_t:

I suggest everyone reads the link below.




Royal Bank of Scotland execs think they are above the law | Ian Fraser

[Angry Cat]

Re: FSA Fine RBS £2.8m

You don't like RBS Group and I think that some of your criticisms of the bank are based on half truths and are irrational, at times.
You talk about Stephen Hester's bonus for 2010 and yet we do not even know how well or badly RBS Group have done. The fact that he will almost certainly be any bonus in shares ONLY seem to be irrelevant to you. The only RBS Group bankers realistically getting 100% of their bonuses in cash is branch staff. I am definitely against that now

leclerc, my own personal view about the royal bank does not differ form that of many...

We all know why the Gov (coalition) must keep them sweet;
doesn't make it right, though:
http://news.aol.co.uk/uk-news/story/...-banks/1514708

[Quote]
"There's part of me, like probably everyone in this room, that just thinks 'right, let's just go after every penny we can get out of these banks, let's tax these bonuses to hell, let's just get hold of the cash'. That would look good for a few weeks, maybe a few months, but actually what do we really want to do here?
"We want a growing economy that is creating jobs, and that means banks that are lending money to businesses."

[leclerc]

Re: FSA Fine RBS £2.8m

http://www.mirror.co.uk/news/top-sto...5875-22842883/

You don't like RBS Group and I think that some of your criticisms of the bank are based on half truths and are irrational, at times.
You talk about Stephen Hester's bonus for 2010 and yet we do not even know how well or badly RBS Group have done. The fact that he will almost certainly be any bonus in shares ONLY seem to be irrelevant to you. The only RBS Group bankers realistically getting 100% of their bonuses in cash is branch staff. I am definitely against that now

[Angry Cat]

Re: FSA Fine RBS £2.8m

It didn't involve bank charges because the timescale was October 2009 to December 2009 and bank charges were on the whole on hold with the FSA waiver and whilst this ended late November 2009, the OFT did not give their views until almost the end of December 2009.
I am assuming from reading the details that it involves complaints such as non receipt of cards, payment errors, card payment issues and such like. As I said, it doesn't surprise me that they were found deficient in this area whatsoever.

Customer charter, my arse!!

http://www.mirror.co.uk/news/top-sto...5875-22842883/

[leclerc]

Re: FSA Fine RBS £2.8m

As a reference point: RBS Share price which breaks us(the taxpayers even) is 50.2p and Lloyds is 73.6p.
Reports are suggesting that both are in talks to buy back some of the steak in their respective banks
RBS, Lloyds Start Touting U.K.'s Shares - WSJ.com

[Brian]

Re: FSA Fine RBS £2.8m

DICTIONARY DEFINITION:

*****S K I N T*****
(Just interested in making sales)
i dont mind all that but be honest about it for christs sake and tell your customers that you're not interested in them moaning
but we (the bank) are more interested in generating revenues...

[leclerc]

Re: FSA Fine RBS £2.8m

The review did NOT cover 'complaints' relating to payment protection insurance (PPI), bank charges, correspondence to the ombudsman and complaints concerning life insurance, pensions and investments.

It didn't involve bank charges because the timescale was October 2009 to December 2009 and bank charges were on the whole on hold with the FSA waiver and whilst this ended late November 2009, the OFT did not give their views until almost the end of December 2009.
I am assuming from reading the details that it involves complaints such as non receipt of cards, payment errors, card payment issues and such like. As I said, it doesn't surprise me that they were found deficient in this area whatsoever.

Customer charter, my arse!!

[Angry Cat]

Re: FSA Fine RBS £2.8m

The review did NOT cover 'complaints' relating to payment protection insurance (PPI), bank charges, correspondence to the ombudsman and complaints concerning life insurance, pensions and investments.

[Angry Cat]

Re: FSA Fine RBS £2.8m

http://online.wsj.com/article/BT-CO-...11-702925.html

LONDON (Dow Jones)--The Financial Services Authority or FSA, a U.K. Regulator of all providers of financial services announced Tuesday it has fined Royal Bank of Scotland (RBS.LN) and National Westminster Bank or NatWest GBP2.8 million for multiple failings in the way they handled customers' complaints, responding inadequately to more than half the complaints reviewed by the FSA.
MAIN FACTS:
-The FSA's investigation found that there was an unacceptably high risk that customers may not have been treated fairly due to a number of failings within the banks' approach to routine complaint handling, including:
*delays in responding to customers;
*poor quality investigations into complaints, with complaint handlers failing to obtain and consider all the appropriate information when making their decision;
*issuing correspondence that failed to fully address all of the concerns raised by customers and failed to explain why complaints had been upheld or rejected; and
*customers not receiving their Financial Ombudsman Service (Ombudsman) referral rights within the appropriate time period.
-Of the complaint files reviewed by the FSA, 53% showed deficient complaint handling; 62% showed a failure to comply with FSA requirements on timeliness and disclosure of Ombudsman referral rights; and 31% failed to demonstrate fair outcomes for consumers.
-The FSA's investigation also found that:
*the banks did not give complaint handling staff adequate training and guidance on how to properly investigate a complaint;
*the monitoring of complaint handling in branches and the management information produced was ineffective in assessing whether customers were being treated fairly; and
*the banks failed to ensure that complaint handlers properly reviewed complaints taking account of all relevant factors.
-The failings in the complaints handling processes of RBS and NatWest were uncovered during the FSA's review of complaints handling in the U.K.'s major retail banks.
-As a result of the thematic review, five banks have undertaken significant action to improve their complaint handling.
-RBS and NatWest have co-operated fully with the investigation, accepting the findings at an early stage and have agreed to make significant changes to their complaints handling arrangements.
-The firms agreed to settle at an early stage in the investigation and therefore qualify for a 30% reduction in penalty.
-Were it not for this discount the FSA would have sought to impose a financial penalty of GBP4 million on the firms

[Angry Cat]

Re: FSA Fine RBS £2.8m

"The failings in complaints handling by RBS and NatWest were uncovered during an FSA review of procedures of all the UK's major retail banks. Five (RBS and NatWest count as one of these) have subsequently carried out significant action to improve their complaints handling.

The review did not cover complaints relating to payment protection insurance (PPI), bank charges, correspondence to the ombudsman and complaints concerning life insurance, pensions and investments. A spokesman for NatWest said these were handled by specialist complaints centres.

Meanwhile, the Financial Ombudsman has warned that an unexpected surge in the number of complaints relating to PPI – 68,000 are expected in 2010-11 – will lead to a steep drop in the total number of cases it expects to solve."

Specialist Complaint Centres?

Sounds like, the FSA need to investigate and uncover what exactly has been going wrong at these so-called, specialist complaint centres!

Re: FSA Fine RBS £2.8m

They have got a 30% discount for paying promptly, its a shame they don't pay their customers as fast.

[Angry Cat]

Re: FSA Fine RBS £2.8m

The fine is also reported in the Guardian newspaper:

http://www.guardian.co.uk/money/2011...dling-failures

[EXC]

Re: FSA Fine RBS £2.8m

Glad this has finally come around, weren't there a couple others also undergoing investigation on the complaints handling side of things by the FSA ? Any more fines to come ?

Yep, Lloyds.

''The case stems from an industry-wide probe that concluded earlier this year. Five banks were required to improve their complaint-handling and both RBS and Lloyds Banking Group were referred for enforcement proceedings after the investigation.''

FT.com / UK / Business - RBS fined £2.8m over customer complaints

[Amethyst]

Re: FSA Fine RBS £2.8m

Glad this has finally come around, weren't there a couple others also undergoing investigation on the complaints handling side of things by the FSA ? Any more fines to come ?