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- Only two of 164 sales reviewed met the required standard
- Sales advisers gave personal views on interest rates in some cases
- Settlement is latest in a string of penalties RBS has faced for misconduct
The Royal Bank of Scotland and NatWest have been hit with yet another fine for misconduct - this time for dishing out bad advice to mortgage customers. The bank will have to cough up £14,474,600 for 'serious failings' in its mortgage sales process. Only two of the 164 sales reviewed by the financial watchdog between June 2011 and March 2013 were considered to meet the standard required overall in a sales process. The Financial Conduct Authority said RBS and its retail arm NatWest failed to properly consider customers' budgets when making mortgage recommendations. In its mystery shopping exercise it also found examples of advisers giving their own personal views on the future movement of interest rates to customers. The settlement is just the latest in a string of penalties that RBS has faced for misconduct issues. Worryingly the fine is for misconduct that happened after the bank was bailed out by taxpayers in 2008. Other misconduct fines include the bank's part in rigging the Libor interest rate, failure to put in place adequate anti money-laundering controls and breaching US sanctions against doing business with Iran.....Read more here