“Mark Garnier, the Conservative MP for Wyre Forest in Worcestershire, has condemned banks for committing “the same crimes” following the financial crisis, and called for greater empowerment and accountability for frontline staff.
Discussing the £14.5m fine imposed on Royal Bank of Scotland and Natwest for “serious failings” in their advised mortgage business by the FCA, Treasury select committee member Mr Garnier said: “They are obviously moving on with this, but it’s truly shocking that banks are still committing the same old crimes.
“I want to see frontline staff being held responsible for their actions. But they also need support from the unions and to be empowered, so they can push back when something isn’t right.”
He added: “If the bank gets fined it might be £14m but no frontline staff lose their job. Even if staff were given a £50 fine it could make a difference.”
In a 34-page final notice to RBS and Natwest, the FCA criticised mortgage advice “failings” between 1 June 2011 and 31 March 2013.”
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