FSA sets precedent with record £2.8m fine for unfair treatment of customers
The Financial Services Authority (FSA) says its £2.8 million fine on GMAC-RFC for unfairly treating customers over mortgage arrears and repossessions is the first of several cases being investigated, and that it intends to take firm action over such abuse.
“This is the largest mortgage-related fine so far,” says Lucy Gaynor, an FSA spokesperson. “There are several cases in the pipeline. This is the first. Several firms have been identified as having serious failings in this area.”
GMAC-RFC will
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