Case Study - 1 Kindly read the case below and answer the following Questions. The answers should be based on your core understanding and in your own words. Mr. K, who had a current account and a credit card account with his bank, was very surprised to receive a credit card statement with the wrong name on it. The statement was clearly his, as the account number and all the transaction details were correct. However, the name on the statement appeared to have been made up and not a genuine name at all. After making a number of phone calls to the bank, Mr. K was eventually told that the name change had come about because of a "systems error". The bank sent him a cheque for 25 for his out-of-pocket expenses in having to pursue the matter. Although the name on the cheque was closer to his own name than the name on the statement had been - it was still not right. Given this further error, Mr. K remained most concerned about what was happening on his account. When he pursued the matter further, he discovered that the bank's record of his occupation stated that he was a "professional shoplifter". Mr. K then brought his complaint to us. Complaint upheld: It soon became clear that the alterations to Mr. K's details on his credit card account had not come about as a result of a systems error, as the bank had told him. The changes had been made deliberately, by a member of the bank's staff. The bank had compounded the problem by failing to get Mr. K's name right when it sent him a cheque. It had also taken several months to amend his name on his credit reference history. The overall effect of all this was that Mr. K was caused a significant degree of distress and inconvenience. We said the bank should pay him 500 compensation for this. Questions to be answered: Q 1. Signify clearly ALL the problems Mr. K experienced with the bank? Q2. What was the actual reason for the amendments conducted by the bank? Q 3. Highlight what step(s) the bank took to solve the matter? How helpful was it?||