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26/09/2013
Mortgage Customers To Be Compensated For Banks Error
Thousands of mortgage customers of Clydesdale and Yorkshire Bank are to be compensated following a ruling that they were treated unfairly.
It is understood that the bank miscalculated some 22,000 customers' variable rate home loans, with the customers subsequently paying too little over a four-year period. The bank then increased customers' repayments to make up the shortfalls caused by its own mistake.
The Financial Conduct Authority (FCA) fined the bank £8.9m, ruling that it was too concerned with its own commercial interest.
Around 22,000 customers will receive payouts of between £20 and £18,000.
(MH/JP)
It is understood that the bank miscalculated some 22,000 customers' variable rate home loans, with the customers subsequently paying too little over a four-year period. The bank then increased customers' repayments to make up the shortfalls caused by its own mistake.
The Financial Conduct Authority (FCA) fined the bank £8.9m, ruling that it was too concerned with its own commercial interest.
Around 22,000 customers will receive payouts of between £20 and £18,000.
(MH/JP)
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