RBS fined 3 quarter of a million quid

[righty]

This might go some way to explain why banks can't supply valid CCA's

http://www.fsa.gov.uk/pubs/final/rbs_12dec02.pdf

[Amethyst]

Re: RBS fined 3 quarter of a million quid

Interesting ta righty

3.20 The FSA considers that a firm’s failure adequately to establish and validate an
applicant’s name and permanent residential address constitutes a failure to take
reasonable steps to find out who its client is and therefore constitutes a breach of
ML 3.1.3.
3.21 Of the 181 account files examined, 89 were found to have insufficient evidence to
show that the client was who he had claimed to be and therefore breached ML 3.1.3.
3.22 In respect of 7 account files, RBS was unable to supply copies or details of the
documents it had used to verify identity. These files therefore constituted breaches of
ML 7.3.2.
3.23 Two of the seven files referred to in paragraph 3.22 were found to constitute breaches
of both ML 3.1.3 and 7.3.2, making a total of 94 accounts with one or more failings.

5.7 Once it had identified the problem, RBS took it seriously. It devoted considerable
resources at an early stage to correct the problem and instituted a remedial action plan
of its own accord. The FSA is satisfied that the remedial action plan has appropriately
addressed the KYC non-compliance issue.