A BANK with several branches in East Lancashire has been given a hefty fine after a watchdog found it had rejected thousands of PPI complaints unfairly.
Bosses at the Financial Conduct Authority have levied a record £20.7 million fine against Yorkshire Bank, and its sister operation Clydesdale, after finding they failed to search for documents which fell outside of a seven-year time frame.
MORE TOP STORIES:
Clydesdsale and Yorkshire, which has branches in Burnley, Accrington and Clitheroe, were said to have unfairly rejected 42,200 out of 126,600 PPI complaints between May 2011 and July 2013.
Another 50,900 complaints may not have resulted in ‘adequate redress’ for those complaining.
Georgina Philippou, the FCA’s acting director of enforcement, said the failings were ‘unacceptable and fell well below the standard the FCA expects’.
The banking group, owned by National Australia Bank, was also condemned for providing false information to investigators.
Acting chief executive Debbie Crossie said a number of changes made to their PPI complaints handling system had been ‘inappropriate and have disadvantaged some of our customers’.
“We got this wrong and I am sorry for that,” she added.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel