Stat of the day: £2.8m

The amount RBS has been fined for failings in its handling of customer complaints.

by Elizabeth Anderson
Last Updated: 09 Oct 2013
The Royal Bank of Scotland (RBS), along with its subsidiary NatWest, has been fined a record £2.8m for its poor handling of customer complaints.

An investigation by the Financial Services Authority found that more than half of complaints addressed to 'Britain’s most helpful bank' were found to be poorly dealt with.

The watchdog concluded that the banks didn’t provide staff with adequate training on how to investigate a complaint, putting consumers at 'unacceptable risk'.

The fine couldn’t have come at a worse time for the part-nationalised banking group, as it faces scrutiny over plans to award its CEO Stephen Hester with a £2.5m bonus. And of course, the bulk of the fine will also end up being footed by the UK taxpayers, who own 84% of the bank after a huge government bailout. It really does pay to complain...

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