Clydesdale Gets Record $30 Million FCA Fine for PPI Failings
This article is for subscribers only.
Clydesdale Bank Plc was fined a record 20.7 million pounds ($30 million) by the U.K. Financial Conduct Authority for serious failings in how it handled clients’ complaints over payment protection insurance.
Clydesdale mishandled PPI grievances, and of the 126,600 decided upon between May 2011 and July 2013, almost 75 percent may have been rejected unfairly or been paid less than they deserved, according to the FCA. In addition, it misrepresented its policies when asked about the redress process and in some cases altered information, the FCA said Tuesday.