Co-op bank fined for mishandling PPI claims

The Financial Services Authority (FSA) has fined the Co-op bank for failing to handle complaints about the Payment Protection Insurance (PPI).

The Financial Services Authority (FSA) has fined the Co-op bank for failing to handle complaints about the Payment Protection Insurance (PPI).

The bank will be forced cough up £113,300 after it was accused of unfairly putting on hold 1,629 complaints in the first half of 2011 while the banking industry was in the High Court challenging the FSA's new rules.

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