This, according to the FSA, put 30,000 customers at risk of losing money and exposed BoS to an increased risk of fraud. The problems occurred between November 1999 and August 2001, and meant the bank could not be sure how much money it was holding on behalf of individual customers.
‘The combination of inadequate controls and the lack of staff training were a systemic weakness in Bank of Scotland’s PEP and ISA department,’ said Andrew Procter, director for enforcement at the FSA.
The crux of the problems seem to revolve around the implementation of a new back office IT system. Despite having problems with its old system the BoS implemented the new one in such a way as to ‘let old problems re-occur’.
The Royal Bank of Scotland was fined £750,000 over breaching anti money laundering rules back in December.
A new head of solutions, Aidan Brennan, has been appointed at KPMG UK
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast