YBS Fined for Mortgage Failings

YBS Fined for Mortgage Failings

Yorkshire Building Society (YBS) has been fined for mortgage failings. YBS failed to deal with its customers who were going through difficulty on their mortgage payments. The building society was issued with a fine of £4,130,600.

The Financial Conduct Authority (FCA) found that between October 2011 and July 2012, staff handling calls at YBS failed to properly deal with customers who were having difficulty paying their mortgages and help identify the cause of their problems and help tackle the issues.

The failings meant that delays were seen in finding the best payment solution to help customers. Whilst YBS did see repossession as a final resort, some customers received increased fees and interest.

YBS has started the process of refunding customers.