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Loan protection: Bank of Scotland fined over mortgage record failings

The Bank of Scotland (BOS) has been hit with a £4.2 million fine for loan protection failings relating to mortgage data.

An investigation by the Financial Services Authority found shortcomings in BOS' data systems meant mortgage records for 250,000 customers were inaccurate.

As a result, many complained that they had been excluded from a programme put in place to amend potentially confusing information relating to Halifax mortgages and had not received goodwill payments.

Furthermore, payments totalling £20.4 million were mistakenly sent to 22,700 Halifax mortgage holders who should not have been included in the initiative.

Recent research from Which? revealed over half of Halifax customers are dissatisfied with the service they receive. The bank achieved a 48 per cent satisfaction score, second only to Santander on 46 per cent.

The FSA found BOS was using incorrect mortgage records between 2004 and 2011 and director of enforcement and financial crime at the body Tracey McDermott noted the breach "is particularly serious because the inaccuracies built up over a period of seven years.

"There was no structure in place to identify errors as they occurred," she added.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801472623-ADNFCR



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