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Author: Howyoodoin Big gold star, 5000 posts Top Recommended Fools Number: of 15374  
Subject: FSA Fine Date: 18/01/2012 14:10
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http://www.fsa.gov.uk/pages/Library/Communication/PR/2012/00...

18 January 2012

The Financial Services Authority (FSA) has imposed a fine of £2,170,000 for failings by Direct Line Insurance Plc (Direct Line) and Churchill Insurance Company Limited (Churchill) to prevent files that the FSA had requested from being improperly altered.

During the collation of 50 complaint files requested by the FSA for review, 27 were altered improperly before they were submitted because the Firms failed to act with due skill, care and diligence. The majority of the alterations were minor in nature and none of the changes resulted in any customer detriment.
While the fine relates specifically to failings by Direct Line and Churchill (together, the Firms), since the breach occurred the relevant business and liabilities of the Firms have been transferred to UK Insurance Limited (UKI). UKI, which is owned by the Royal Bank of Scotland Group, is therefore responsible for paying the fine.


It doesn't rain but it pours . . . . :(

HYD
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