Consumer Focus has called on Clydesdale Bank to cover the cost of mortgage errors rather than its customers.
The bank miscalculated repayments for 18,000 mortgage holders last year and then raised monthly payments to recover the resulting shortfall.
The consumer watchdog estimates that the cost of the error will be at least £10 million. It has written to the FSA and ask it to take enforcement action unless Clydesdale Bank takes prompt steps “to do the right thing”” by all of the affected customers. It argues there are clear indications from the Financial Ombudsman Service (FOS) that consumers shouldn’t be held responsible for errors of this type.
