
FSA fines Sesame for SCARP complaint-handling failures
LOSSES & LAWSUITS
Identified as part of the FSA's thematic review of Structured Capital At Risk Products (Scarp), the regulator found that Sesame was not handling complaints adequately. The company incorrectly rejected complaints from approximately 350 customers relating to sales made by Sesame's legacy networks between March 2003 and October 2004.
These customers had lost nearly £5.9 million in total.
The FSA had already issued a number of publications concerning both Scarps and complaint-handling, which highlighted the need for firms to implement and maintain robust complaint-handling procedures and to train staff adequately.
Once the problems were identified by the FSA, Sesame took prompt action to ensure all affected customers were compensated, and engaged external advisers to review its Scarps complaint-handling procedures and to train its staff.
Without Sesame's co-operation and commitment to mitigation and remedial action, the penalty levied would have been substantially higher.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
More on Regulation
Regulation
What lies beneath: Nomura’s iceberg balance sheet
Collateral received by the Japanese bank exceeds its total on-balance-sheet assets – does it matter?
Receive this by email