The FCA has heavily criticised the bank as it fined it nearly £11 million
TSB Bank has been fined £10.9 million by the UK's financial watchdog for failing to treat customers in financial difficulty fairly over a six-year period. The bank has paid nearly £100 million in redress to more than 230,000 mortgage, overdraft, credit card and loan customers found to have been affected.
Staff were potentially encouraged by incentive schemes to prioritise the number of plans they made over taking the time to understand individual circumstances and set realistic repayment plans. This meant TSB risked agreeing unaffordable payment arrangements with people in difficulty or charging them inappropriate fees, according to the regulator's findings. It said this could have heightened uncertainty and stress, including for vulnerable customers.
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