Abbey National was fined £800,000 by City watchdogs for mishandling endowment mortgage complaints.

The Financial Services Authority (FSA) imposed the fine after it emerged that Abbey mishandled 5000 complaints over a two year period. The fine would have been greater if not for it’s new owner Banco Santander who on taking over Abbey, acted on the irregularities immediately.

Between October 1st 2001 and September 30th 2003, some 3,500 complaints were rejected when they should have been upheld.

“By putting its own interests ahead of those of its customers with a mortgage endowment complaint, Abbey has singularly failed to treat its customers fairly,” said Clive Briault, the FSA’s director of retail markets.
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