Jun/090
A Business League of Shame - It’s only a Matter of Time.
A mortgage endowment mis-selling complaint against Abbey was rejected six years ago and the consumer promised herself she would never buy another financial product or service from that same bank. She has been true to her word.
However, 3 years later the FSA insisted they review the case after the Abbey had initially thrown it out. They eventually gave the consumer 12,000 to cover the shortfall on her mortgage endowment as compensation.
Although this case had a happy ending after the Financial Services Authority intervened, the consumer is now more cautious than ever not least because the FSA eventually hit Abbey with an £800,000 fine for mishandling complaints and ordered them to review 50,000 cases.
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