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RBS and NatWest fined by the FCA for failings in advised mortgage process
RBS and NatWest have today been fined by The Financial Conduct Authority (the FCA) for failings in their advised mortgage process between 1 June 2011 and 31 March 2013.
In response to the FCA findings, at the end of November 2012, RBS and NatWest completely overhauled their mortgage sales process, re-trained all their mortgage advisers and accredited them on a new sales process.
The FCA stated in their notice that there is no evidence of widespread detriment to customers. To reassure customers, RBS and NatWest are writing to customers who received mortgage advice during this period to invite them to raise any concerns about the advice they received. If a problem is found with the advice customers were given during this period, RBS and NatWest will take every step to put that right.
Ross McEwan, RBS and NatWest Chief Executive, said:
“Taking out a mortgage is one of the biggest moments in our lives, and our customers have every right to expect the very best service when making this decision. It is clear that in the past the bank just didn’t get this right, this was unacceptable and should never have happened.”
"We have worked hard to put things right. When I joined the bank we completely overhauled our processes, and took all our mortgage advisers off the front line for an extensive period of time to get the training required. As a result we are now helping more customers than ever before to buy their new home, providing them with the very best support and advice when taking out their mortgage.”
"Today’s report shows that we still have challenges to face, but we are determined to take the steps needed to earn back our customers’ trust."
What should I do if I’m concerned?
We have set up a dedicated team to help you. If you received mortgage advice from us between 1 June 2011 and 31 March 2013 and are concerned then please contact us on 0800 678 1924 to discuss your individual circumstances. This phone number will get you straight through.
Even if you received advice outside these dates and are worried about the recent announcement then please just contact us on the same phone number.
Don’t worry, we will set you back up and running. Just select one of the options below.
If you find that you have less money available to you over the weekend or on a bank holiday than you expect, it may be because our systems currently take account of payments due to leave your account on the following business day, usually a Monday. This might be for example a direct debit or standing order (but does not include outstanding debit card transactions).
This should not be happening as the funds remain yours until the payment is due, and we are changing our processes to stop this from happening in the future. Until we have made the necessary changes, please call us on 0800 151 0405 or visit a branch if you need access to any funds that have been debited for this reason. This service is available on Saturdays in branch during normal opening hours and over the phone up to 5pm. We will be extending our phone service to make it available across the full weekend shortly.
But please note that, subject of course to any overdraft facility you have previously agreed with us, you will need to make sure you have paid funds into your account by 2.30pm on the day your regular payment is due. This will ensure all your payments due are paid, and you avoid any unnecessary charges.
To help explain here’s an example:
If you have £1,000 in your account on a Friday and a direct debit for your mortgage payment of £750 is due to come out of your account on the Monday, then at the end of Friday your available balance, that is the money you can get access to, will say £250 rather than £1,000. The mortgage payment will also show on your mini statement online with Monday’s date.
To arrange an appointment at your nearest branch please use our request form. A customer adviser will then call you back to confirm the time and date of your appointment.
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