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FCA fines NAB's Clydesdale Bank $30 million for PPI failings

Published 14/04/2015, 10:20
© Reuters. The logo of the new Financial Conduct Authority is seen at the agency's headquarters in the Canary Wharf business district of London
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LONDON (Reuters) - Britain's financial regulator has fined Clydesdale Bank 20.7 million pounds ($30.3 million) for failings in how it handled insurance mis-selling claims, representing its biggest ever fine related to the payment protection insurance (PPI) scandal.

The Financial Conduct Authority said on Tuesday the serious failings at Clydesdale, owned by National Australia Bank (AX:NAB), occurred between May 2011 and July 2013.

© Reuters. The logo of the new Financial Conduct Authority is seen at the agency's headquarters in the Canary Wharf business district of London

It said Clydesdale provided false information to the Financial Ombudsman Service in response to requests for evidence of the records it held on PPI policies sold to customers.

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