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Scottish Equitable Plc fined 2.8 million

The Financial Service Authority (FSA) has fined Scottish Equitable Plc £2.8 million for causing significant consumer detriment through poor administration of members' policies.

The FSA has ordered Scottish Equitable Plc to pay a consumer redress amount of approximately £60 million, £30 million will have to be paid by the end of 2010.

The FSA Managing Director of enforcement and financial crime, Margaret Cole said:

"The redress package is significant news for the customers of Scottish Equitable Plc and I am pleased that £30m will already have been paid back by the end of the month.

"This case shows the importance of getting customer administrative procedures right and fixing them quickly when they go wrong. This is a key part of treating customers fairly.

"By letting the issues build up over such a long period, Scottish Equitable Plc made it even more difficult to fix the problems and this led to delays in getting compensation to customers."

To read the full press release click here