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Violation Tracker UK Individual Case
Company: Clydesdale Bank PLC
Current Parent Company:
Virgin Money UK PLC
Parent at the Time of the Penalty Announcement: National Australia Bank
Recap of Ownership Changes: National Australia Bank listed CYBG plc in 2016, with Clydesdale Bank as a subsidiary. CYBG acquired Virgin Money in 2018 and changed its name to Virgin Money UK plc.
Penalty: £8,904,000
Year: 2013
Date: 24 September, 2013
Offence Group: consumer-protection-related offences
Offence Type: consumer protection violation
Violation Description: Clydesdale Bank paid a £8.9 million fine in settlement of a finding by the FCA that the company failed to correctly calculate customers mortgage repayments, took too long to correct errors, and treated customers unfairly when they were left with capital shortfalls due to the company's inaccurate calculations.
Action Type: agency action
Settlement Type: settlement of FCA Decision
Agency: Financial Conduct Authority
HQ Country of Parent: United Kingdom
Ownership Structure of Parent: publicly traded
Major Industry of Parent: financial services
Specific Industry of Parent: banking
Source of Data:
(click here)
