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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 mortgage shortfalls 'from £20 to £18,000'

The shortfalls in Clydesdale mortgages range from less than £20 to more than £18,000, with an average of £970, the City regulator found.

Clydesdale Bank has been fined £8.9 million by the City regulator. Credit: Reuters

Clydesdale, which is owned by National Australia Bank, sent letters to customers in 2009 which suggested they had no alternative but to bring their repayments up to date

However, many customers could have rejected demands to repay the shortfalls caused by Clydesdale's calculation errors.

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