Home Legal RBS respond to £2.2 million fine

RBS respond to £2.2 million fine

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The RBS has responded to the FSA’s £2.17 million fine on two of it’s subsidiaries, saying they acknowledged their failings and are “disappointed” that they didn’t meet the expected standards.

It comes after Churchill and Direct Line Insurance were fined £2.17 million for altering complaint forms and forging signatures. The FSA said that the firms had not taken adequate steps in ensuring that the files were not altered.

We very much regret the findings of the FSA investigation,” Paul Geddes, CEO of RBS Insurance said.

The RBS pointed out that the majority of altercations were minor in nature and didn’t result in any customer disadvantages, but also that they “fully acknowledged the failings and agreed to settle at an early stage”. This saved the company just under a million pounds with the 30% reduction for early settlement.

Although no customers were disadvantaged, we are very disappointed that we did not meet the standards we expect of ourselves and which the FSA expects of us. We acknowledge the shortcomings identified in the findings and since becoming aware of this issue well over a year ago have taken action to address these issues and to ensure we avoid such breaches in the future.”

UK Insurance Limited, the UK based general underwriter for RBS Insurance and the company who ultimately has to pay the fine, cooperated fully with the FSA investigation, and even launched their own internal investigation into the matter.