RBS fined £14.5m over mortgage advice by FCA
Royal Bank of Scotland has been fined £14.5 million for "serious failings" in its mortgage sales business.
The city watchdog, the Financial Conduct Authority, uncovered poor training of RBS staff - which meant the bank had failed to ensure it gave suitable mortgage advice.
RBS and its NatWest business have agreed to contact around 30,000 consumers who received mortgage advice between 1 June 2011 and 31 March 2013, the FCA said.
Lloyd Cochrane, head of mortgages at the Royal Bank of Scotland, told the BBC the bank has overhauled its staff training to prevent a repeat of the scandal.
27 Aug 2014
- From the section Business