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Clydesdale Bank fined £9m

Clydesdale Bank has been fined £8.9 million by the City regulator after it forced 22,000 customers into higher mortgage repayments when it tried to correct an error by staff.

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Clydesdale Bank chief apologises to customers

The chief executive of Clydesdale Bank has apologised after it was fined £8.9 million over mortgage failings.

David Thorburn said in a statement:

I am very sorry that this wasn't handled as it should have been. We should have made it clear at the time that this was entirely our fault and that some customers may be entitled to compensation.

In addition, an automatic compensation process for customers who underpaid as a result of our error is in place to provide immediate resolution for over 14,000 customer accounts.

Clydesdale has agreed to compensate those who were adversely affected, resulting in a total cost to the bank of about £42 million.

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Clydesdale Bank fined £9m

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