A £20.7m fine has been slapped on Clydesdale Bank for failures in its handling of payment protection insurance (PPI) complaints and attempts to mislead the City regulator.
The Financial Conduct Authority (FCA) said the penalty was the largest it had imposed for failings relating to PPI - a product mis-sold by the financial services industry that has cost it billions in redress and administration to date.
The watchdog said the fine partly reflected "inappropriate policies" introduced in mid-2011 by Clydesdale which meant its PPI complaint handlers were "not taking into account all relevant documents when deciding how to deal with complaints".
The statement continued: "In addition, between May 2012 and June 2013, Clydesdale provided false information to the Financial Ombudsman Service in response to requests for evidence of the records Clydesdale held on PPI policies sold to individual customers.
"A team within Clydesdale's PPI complaint handling operation altered certain system print outs (in a small number of cases) to make it look as if Clydesdale held no relevant documents and deleted all PPI information from a separate print out listing the products sold to the customer.
"These practices were not known to or authorised by Clydesdale's PPI leadership team or more senior management."
The regulator said that as a result of Clydesdale's conduct, of the 126,600 PPI complaints decided between May 2011 and July 2013, up to 42,200 may have been rejected unfairly and up to 50,900 upheld complaints may have resulted in inadequate redress.
The FCA confirmed the bank would be contacting customers affected as Clydesdale continued to review past cases.
Georgina Philippou, acting director of enforcement and market oversight at the FCA, said: "Clydesdale's failings were unacceptable and fell well below the standard the FCA expects.
"The fact that Clydesdale misled the Financial Ombudsman by providing false information about the information it held is particularly serious and this is reflected in the size of the fine."
Clydesdale qualified for a 30% reduction on the size of the fine because it settled the case early, the FCA said.
Acting chief executive of Clydesdale and Yorkshire Banks, Debbie Crosbie, said: "In 2011 we introduced changes to our policies and procedures that were designed to help us respond to PPI complaints.
"A number of these changes were inappropriate and have disadvantaged some of our customers. We got this wrong and I am sorry for that.
"We deeply regret any instance which led to the Financial Ombudsman Service receiving incorrect or incomplete information from us.
"These practices were not authorised or condoned by the Banks. As soon as this issue was discovered, we took immediate steps to stop it; we made the regulator aware and rapidly introduced strict new monitoring procedures to prevent any recurrence."
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