FSA to investigate RBS over customer complaints

In January 2010, the Financial Services Authority informed the Royal bank of Scotland that they intend to investigate the bank in regards to the way it has dealt with customer complaints. The RBS and all its associated companies have said that they will co-operate fully with the FSA investigation. However, the scope of the investigation, including which subsidiaries will be affected, is not yet known. No comments have been made by RBS representatives as they would like to keep this information confidential.

The Office of Fair Trading has also stated that they are at the early stages of carrying out their own separate investigation into the Royal Bank of Scotland; the specific nature of the investigation ahs not yet been commented on but it is thought to be in relation to the provision of loan products and anti-competitive business conduct. They have advised that they will not be in a position that allows them to conclude whether or not they consider the law to have been infringed until they have assessed all the evidence they gather on completion of their investigation.

The FSA have said publicly that all companies and the way in which they handle complaints is now a priority to them. They will be considering this issue further in the upcoming future.

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Tags: complaints, fsa, mis sold mortgage, rbs

This entry was posted on Friday, February 26th, 2010 at 4:57 pm and is filed under mis-sold mortgages. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.