Bradford & Bingley fined £650,000 for misselling precipice and with-profit bonds

In addition to a hefty fine of £650,000, Bradford and Bingley Plc (BB) will pay £6million in compensation to 6,800 customers who were missold precipice (SCARPs) and with-profit bonds (WPBs) between January 2001 and December 2002, when the firm was the UK’s largest IFA. The case was aggravated by previous notifications of deficiencies in its customer records following a PIA monitoring visit in 1998.