This week has seen the Financial Conduct Authority impose fines on the Royal Bank of Scotland and its subsidiary NatWest for serious failings in their advised mortgage sales business and Deutsche Bank for incorrectly reporting transactions. The European Central Bank has identified four systemically important payment systems that will be subject to its oversight and Australia's Financial System Inquiry has published the first batch of second round submissions. Fines for Royal Bank of Scotland and Deutsche Bank RBS and its subsidiary, NatWest, have been fined £14,474,600 by the FCA for serious failings in their advised mortgage sales business. The failings identified included the failure, when undertaking affordability assessments, to consider the full extent of a customer's budget when making a recommendation, failing to advise properly customers who were looking to consolidate debt, and not advising customers what mortgage term was appropriate for them. The FCA also expressed concern
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