Update from member regarding Clydesdale

Dear all,

One of our members, Jim McGrory has asked us to share this comment which
will be of particular interest to victims of Clydedale.

For further information please contact:

[email protected]

[email protected]


Comment
CLYDESDALE BANK REFINANCING PRACTICES

Session: 2016-17
Date tabled: 26.10.2016
Primary sponsor: Gethins, Stephen
Sponsors: Hosie, Stewart Kerevan, George Blackford, Ian Day, Martyn
Stephens, Christopher
That this House notes the June 2012 findings of the Financial Services
Authority (FSA) that there were serious failings in the sale of interest
rate hedging products to some small and medium-sized businesses by
Clydesdale Bank; further notes the earlier critical findings of the
Treasury Select Committee that the voluntary redress procedures
implemented by Clydesdale Bank were inadequate; regrets that the
subsequent behaviour of the bank has done nothing to date to improve
customer confidence in this system of redress; criticises the bank for
being less than fully transparent about the costs, penalties,
obligations and calculations attached to its break clauses; notes that
the bank has failed repeatedly in the redress process to give details of
so-called third party hedges that triggered excessive financial
penalties for clients; encourages the bank and its representatives to
provide more accurate and consistent information, such as terms and
conditions to its customers when they inquire about their personal
finances; further encourages the FCA regulator to re-examine the
voluntary redress scheme and ensure Clydesdale Bank's customers have
been fairly treated.