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Sancho Panza

Redress For 40,000 Clydesdale Customers Over Bungled Mortgage Bills

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Telegraph 26/9/13

' Tens of thousands of Clydesdale Bank mortgage customers will receive up to £18,000 in compensation for errors made by the lender.

Clydesdale, which is owned by National Australia Bank, miscalculated the repayments on more than 42,500 mortgages and failed to inform customers.

As a result, around 22,000 of people steadily paying off a home loan face a shortfall at the end of the typical 25-year mortgage term. This ranged from £20 to more than £18,000.

The City watchdog, the Financial Conduct Authority, today issued a damning criticism of the way Clydesdale handled the problem. It fined the bank £8.9m for “failing to treat customers fairly” and ordered it to pay compensation and write to those affected.

It said the damaging implications of the calculation error, which was discovered in April 2009 but only corrected in 2010, were simply “passed on” to customers. '

Only posted as part of the ongoing drip/drip with YB/Clydesdale.

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