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The Co-operative Bank Response to FSA Announcement on PPI Complaints

04 January 2013

The Co-operative Bank has today, 4th January, responded to the FSA’s findings on the bank’s delays in handling PPI complaints between 21st January 2011 and 9th May 2011 (the relevant period).

A Co-operative Bank spokesperson commented;

“The matter relates to the period prior to the conclusion of the judicial review brought by the BBA for the purposes of clarifying the standards for assessing PPI complaints. The Co-operative Bank recognises that during the relevant period, it put some complaints on hold which were capable of being progressed without waiting for the judicial review to be concluded."

“Our strong reputation within the banking sector has been built upon doing the right thing by our customers but in this instance our procedures have fallen short of the high standards rightly expected of us."

“As the FSA has recognised, no customers have suffered any financial detriment.  However, we accept that there was an unnecessary delay created for some of our customers, including the small sample of cases reviewed by the FSA. We have co-operated with the FSA throughout their investigation and we are confident that this would not occur again if similar circumstances were to arise"

-- ENDS --

Notes to Editors

For further information please contact

Catherine Turner
The Co-operative Banking Group Press Office
Tel: 0161 903 3833
Email : Catherine.turner@cfs.coop

Patrick Tooher
The Co-operative Banking Group Press Office
Tel: 0161 903 4187
Email :  Patrick.Tooher@cfs.coop

About The Co-operative Banking Group

The Co-operative Banking Group, formerly known as The Co-operative Financial Services, is the banking and insurance arm of The Co-operative Group, which is the world’s largest consumer co-operative with around seven million members, over £13 billion turnover, and core business interests in financial services, food, legal services, pharmacy and funeral care. 

Following the merger with Britannia on 1 August 2009, the organisation is one of the largest and most highly diversified mutual businesses operating in both retail and corporate banking markets.

As part of The Co-operative Group, the business is characterised by its unique ethical and member reward policies and very high levels of customer advocacy.

The Co-operative Banking Group has £48 billion in assets, 12,000 staff and more than six million customers.  It has over 300 high street branches, 22 corporate banking centres and major presences in Manchester, Leek, London, Plymouth, Skelmersdale and Stockport.

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