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RBS fined 14.5 mln stg for mortgage sales failings
August 27, 2014 / 6:22 AM / 3 years ago

RBS fined 14.5 mln stg for mortgage sales failings

LONDON, Aug 27 (Reuters) - Britain’s financial regulator said on Wednesday that it had fined Royal Bank of Scotland and its NatWest division 14.5 million pounds ($24 million) for failings in the way it sold mortgage to customers.

The Financial Conduct Authority (FCA) said RBS and NatWest had failed to ensure that advice given to customers was suitable. It said that two reviews of sales from 2012 had found the suitability of the advice was not clear in over half the cases.

RBS said it had already overhauled its mortgage sales processes in response to the FCA’s findings.

($1 = 0.6042 British Pounds)

Reporting by Matt Scuffham; Editing by Laura Noonan

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