Bradford and Bingley

Watchdog Fines B&B $1m for Mis-Selling

Bradford and Bingley was today fined £650,000 (1 million USD) by the finance industry watchdog for mis-selling precipice and with-profit bonds.

Around 6,800 affected customers will now receive compensation totalling £6 million, the Financial Services Authority said.

The FSA issued the fine for the “widespread” mis-selling of the bonds – criticising the firm for not making suitable recommendations to customers, not maintaining adequate records of sales and not having in place adequate systems and controls to prevent and ultimately address these failures