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Rbs Fined £15M Over Poor Mortgage Advice

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Surprised this hasn't been posted already. This mystifies me - RBS has been found guilty of misinforming mortgage customers. This should be a massive story given all the self-cert liar loan shenanigans. None of that has been looked at and instead a £15m fine has been levied - which can be paid out of loose change I imagine.

RBS FINE 06:30: BBC Radio 4

Richard Jeffrey of Cazenove Capital Management tells listeners to the Today programme that the impending fine for RBS over poorly sold mortgages is "disappointing". But he says we shouldn't beat up the banks too much as it is essential that confidence in the banking system is maintained.

RBS FINE 07:14:

The FCA's statement on RBS's failings on mortgage advice include some gems: "The firms [RBS and NatWest] failed to ensure that advice given to customers was suitable. Two reviews of sales from 2012 found that in over half the cases the suitability of the advice was not clear from the file or call recording." This was happening two years ago.

RBS FINE

  1. The Financial Conduct Authority confirms it has fined RBS and NatWest £15m for failures in their mortgage advice process.

    RBS FINE 07:21:

    What did RBS do wrong? "Affordability assessments failing to consider the full extent of a customer's budget when making a recommendation, failing to advise customers who were looking to consolidate debt properly and not advising customers what mortgage term was appropriate for them," says the FCA.

    And there's more: "In the firms' own mystery shopping there were examples of advisers giving personal views on the future movement of interest rates," says the FCA. "This was highly inappropriate and may have resulted in the borrower being sold the wrong type of mortgage for them."

1. 07:38:

All this was happening four years after the government bailed out RBS, years after it had started eating humble pie for mis-selling payment protection insurance, and after it had been discovered committing other misdemeanours. The FCA said: "Only 2 of the 164 sales reviewed were considered to meet the standard required overall in a sales process."

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'All this was happening four years after the government bailed out RBS,'

Giving bad mortgage advice,not least to themselves.But then when your bonus is backed by our kids taxes,I suppose it doesn't really matter.

Edited by Sancho Panza

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I really, really hate RBS.

It just rubs in the fact that there is one rule for them and another one for us, the Great Unwashed.

Consider that a man was jailed for 3.5 years last week for recording a motion picture in a cinema, and then consider how many get-out-of-jail free cards that this disgusting entity, RBS, has been given.

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2 out of 164.

As I said in another thread, LIAR LOANS were normal.

FAR more normal than one could really believe....only 2 out of 164 werent Lied about in some fashion.

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None of that has been looked at and instead a £15m fine has been levied - which can be paid out of loose change I imagine.

RBS compliance officer says "my cat gets a bigger bonus than that"

Edited by Steppenpig

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2 out of 164.

As I said in another thread, LIAR LOANS were normal.

FAR more normal than one could really believe....only 2 out of 164 werent Lied about in some fashion.

NONE of this surprises me at all.

LIAR LOANS

are THE KEY behind Hpi;

I'ts VERY simple:

You HAVE TO LIE in order to "afford" the insane "price" of property in the UK.

If you tell the TRUTH --- there's no chance in hell of ACTUALLY being able to afford it.

It is THAT simple.

SO --- LIAR LOANS continue as ever -- in one form or another.... The latest is 30 yr mortgages....... LENDING MORE so that customers can "AFFORD" !!!! RATHER THAN the customer telling the buyer there's no way anyone CAN or SHOULD pay your stupid asking prices....!

IT IS INCREDIBLE THAT -- STILL --- MORTGAGES ARE LENT TO MATCH "PRICES": THIS VERY PROCESS HAS TAKEN "PRICES" TO WHERE THEY ARE TODAY.

HOW MANY PEOPLE CAN'T WORK THAT SIMPLE THING OUT???!?!?

Edited by eric pebble

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