Regulator fines BT Agilemedia for very serious breaches of PSA Code
Company agreed it committed three regulatory breaches and has developed a remediation plan.
The Phone-paid Services Authority (PSA) has imposed a number of sanctions on BT Agilemedia, following an investigation into the company’s due diligence, risk assessment and control (DDRAC) procedures.
BT Agilemedia accepted that it had been in breach of three of the PSA’s rules. These breaches were surrounding the adequacy of the DDRAC that BT Agilemedia conducted on its clients. The investigation found, among other things, that BT Agilemedia’s DDRAC processes referred to an earlier version of the PSA Code, and that BT Agilemedia did not adhere to its own DDRAC processes for a lengthy period of time.
BT Agilemedia engaged fully with the PSA’s investigation at all stages and has conducted a full assessment of its DDRAC procedures, including developing and putting in place a remediation plan.
The PSA and BT Agilemedia agreed by consent order that BT Agilemedia will be formally reprimanded and fined £330,000. BT Agilemedia’s co-operation throughout the investigation and the low level of consumer harm were taken into consideration in agreeing the level of the fine.