Citizens Advice Scotland have said the Financial Conduct Authority (FCA) is right to fine Clydesdale Bank for mortgage errors, and that they hope all regulators will stand up for consumers’ rights.
Citizens Advice Scotland’s Chief Executive Margaret Lynch says,
“Consumers need regulatory systems that will fight for them and safeguard their interests. The FCA is to be applauded here for taking this tough but necessary action. Hopefully this will send a message to all banks that they won’t get away with these sort of errors.
“It is vital that people have confidence in the banking system. Banks need to operate transparently, fairly and responsibly, and where they are found to have made mistakes they should be held accountable for that. Today’s news should be the norm, not the exception. And we would urge all other regulatory bodies to follow the example set by the FCA today.
“Hopefully this sort of news will also give consumers the confidence to stand up for themselves and fight for their rights. The CAB service is always on hand to help consumers with free, confidential and impartial advice.”