State-backed Royal Bank of Scotland (RBS) is to be fined nearly £15 million by the UK’s Financial Conduct Authority (FCA) for giving inappropriate advice to mortgage customers.
The regulator is expected to divulge details of its ruling on 27 August 2014.
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The penalty is understood to relate to inadequate advice given to consumers who took out mortgages with RBS after the Government became a major shareholder in 2008.
The bank is also expected to reach a deal with the FCA’s enforcement division over an IT systems failure in 2012 within months.
RBS has already been fined £390m for its part in fixing the benchmark London interbank offered rate (Libor) and has set allocated £3.2 billion to compensate customers mis-sold loan insurance.
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By GlobalData
