FCA fines Yorkshire BS £4m for mistreatment of customers in arrears

The Financial Conduct Authority (FCA) has fined Yorkshire Building Society £4.1m for failings when dealing with its mortgage customers experiencing payment difficulties.

Between 1 October 2011 and 31 July 2012, call handlers at the building society failed to deal properly with customers experiencing payment difficulties. Failing to properly identify the cause of their problems and their future financial prospects led to "significant" delays in determining the most appropriate payment solutions, the regulator said. This in turn meant some customers incurred increased fees and associated interest. The building society had already agreed to refund all mortgage arrears fees, plus associated interest, charged to some 34,000 customers since January 2009,...