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BFCSA: Royal Bank of Scotland RBS UK hands out millions in fines. ASIC to Lazy to take on Bankers

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RBS fined £14.5m over mortgage advice

By admin on August 27, 2014

Royal Bank of Scotland has been fined £14.5m by the Financial Conduct Authority (FCA).  The City watchdog said RBS had failed to ensure that it gave suitable mortgage advice to customers.  The FCA said: “Two reviews of sales from 2012 found that in over half the cases the suitability of the advice was not clear.”  RBS chief executive Ross McEwan said the failings were, “unacceptable and should never have happened”.

The FCA found that RBS and its NatWest business had failed to consider the full extent of a customer’s budget when making a recommendation.  The banks also failed to give proper debt consolidation advice, and had not advised customers what mortgage term was appropriate for them, the regulator said.  “Only two of the 164 sales reviewed were considered to meet the standard required overall in a sales process,” the FCA added.

RBS chief executive Ross McEwan said: “Taking out a mortgage is one of the biggest moments in our lives, and our customers have every right to expect the very best service when making this decision.  “It is clear that in the past the bank just didn’t get this right, this was unacceptable and should never have happened.”  Mr McEwan said the bank had “worked hard to put things right”.

“When I joined the bank we completely overhauled our processes, and took all our mortgage advisers off the front line for an extensive period of time to get the training required,” he added.  The penalty is the latest in a string of financial hits taken by the bank, which is 80%-owned by the UK taxpayer.


RBS has already been fined £390m for its part in the Libor rate fixing scandal, and has allocated £3.2bn compensation for mis-sold insurance.  RBS reported a £8.2bn loss for last year.

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  • Susan
    Susan Wednesday, 03 September 2014

    £14.5m seems like a pittance to me. Into whose coffers do these fines get paid? The people the bank damaged? I think not. The bank has been found to be at fault - so where's the compensation for the people?

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