RBS Fined $24 Million by U.K. Regulator Over Mortgage Advice
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Royal Bank of Scotland Group Plc was fined 14.47 million pounds ($24 million) by the British markets regulator for giving clients poor advice on mortgages.
The Financial Conduct Authority faulted RBS for what it called “serious failings in their advised mortgage sales business” between June 2011 and March 2013, according to a statement by the London-based regulator today. RBS and its NatWest network “failed to ensure that advice given to customers was suitable,” it said.