RBS fined £14.5m over mortgage advice by FCA

Royal Bank of Scotland has been fined £14.5m by the Financial Conduct Authority (FCA) for ‘serious failings’ in its mortgage sales business. The City watchdog said RBS did not ensure that it gave suitable mortgage advice to customers. A review of 164 sales found that only two met the standards required, the watchdog said. RBS chief executive Ross McEwan said the failings were ‘unacceptable and should never have happened’. The penalty is the latest in a string of financial hits taken by the bank, which is 80%-owned by the UK taxpayer. RBS and its NatWest business have agreed to contact around 30,000 consumers who received mortgage advice between 1 June 2011 and 31 March 2013, the FCA said. RBS avoided paying a £20.7m fine by settling the FCA fine early and qualifying for a 30% discount, according to BBC.