Bank of Scotland pays price of failed PEP and ISA administration

The FSA coffers were swelled in February by a £750,000 fine on the Bank of Scotland (BoS) for its maladministration of PEPs and ISAs in the period November 1999 to August 2001.The regulator says that 30,000 customers unwittingly risked loss and the bank itself was exposed to fraud due to systemic breakdowns in controls and poor staff training.