RBS, NatWest Fined $24M Over Faulty Mortgage Advice

Law360, New York (August 27, 2014, 12:12 PM EDT) -- The U.K. Financial Conduct Authority on Wednesday fined The Royal Bank of Scotland PLC and its NatWest business £14.5 million ($24 million) for failing to provide suitable advice to consumers purchasing mortgages after investigating a series of transactions in 2012.

The financial regulatory body said the firms failed to consider how much consumers could afford and what mortgage terms were appropriate when making recommendations and also failed to help consumers consolidate debt properly.

"Taking out a mortgage is one of the most important financial decisions we can make," Tracey McDermott, director of enforcement and financial crime at FCA, said in a...

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