The industry regulator, the Financial Services Authority has fined the Abbey National group of companies a total of £3.2m.
The fines were £2.32m levied on Abbey National Plc and £320,000 on Abbey National Asset Managers Limited.
Our View
In a recent article, we covered the fact that the FSA was clamping down on bank and building society advisers' practices. This also involves the way in which their employers (the banks and building societies) handle their employees, monitor them and retain records.
This is another high profile clampdown and will continue to strengthen the reputation of the regulator. It should also help consumers rebuild trust.