The Financial Conduct Authority (FCA) has today fined CT Capital Ltd (CT Capital) £2,360,900 for serious failings in its historic Payment Protection Insurance (PPI) complaint handling processes. Between May 2011 and November 2013, during which time it handled 6,669 PPI complaints, CT Capital failed to put in place complaint handling processes to deal with PPI complaints appropriately, which resulted in customers missing out on redress payments to which they were entitled. The effect on individual customers was potentially significant: the average redress payment made in respect of a fully upheld complaint during the period was £5,959. Mark Steward, director of enforcement and market oversight at the FCA said:

“Failing to handle complaints appropriately means that firms risk treating customers unfairly for a second time and it’s important that firms get this right. “We have taken action against firms on numerous occasions and there’s no excuse for firms continuing to get it wrong. We remain determined to ensure that firms put right the harm caused by PPI mis-selling and regain the trust of the public. We will continue to monitor how firms are dealing with complaints and will not hesitate to take action where we see firms not complying with their obligations.”........Read more here