Deutsche Bank fined over loans
DEUTSCHE Bank yesterday became the first financial firm in the UK to be fined for irresponsible mortgage lending.
Its DB Mortgages arm was fined £840,000 by the Financial Services Authority and must pay £1.5million compensation.
The watchdog said DB had failed to show customers could afford mortgages where the term continued after their retirement. It also criticised DB’s treatment of customers in arrears.
FSA enforcement chief Margaret Cole said: “Firms need to understand we will not tolerate lax lending practices.”