Royal Bank of Scotland has been fined £14.5 million by the Financial Conduct Authority (FCA) for “serious failings” in its mortgage sales business. According to the city watchdog, RBS did not ensure that it offered suitable mortgage advice to customers. In addition, two reviews of sales from 2012 had found that “in over half the cases the suitability of the advice was not clear.” In 2012, RBS was the UK’s sixth largest mortgage lender. That means there advice has already affected a large amount of customers.

As we all know, taking out a mortgage is one of the biggest moments in one’s lives, customers have the right to get the most suitable and affordable advice before they taking out a mortgage. Someone said that only the child want to know what is right and what is wrong, the adult only care about how much benefit can they get. However, I still believe trust is the foundation in an healthy and harmonic relationship between customers and companies. Customers are a company’s future. If a company’s purpose is only to maximize shareholder returns by sacrificing profits to customers, it will lead to a vicious circle and finally kill your business.

Pictures:http://www.ianfraser.org/thousands-of-staff-line-up-to-sue-rbs/ http://hackcartoonsdiary.com/wp-       content/uploads/2012/06/RBS_NatWest_Bank_Hack_Cartoon.jpg

News:http://www.bbc.com/news/business-28948518

Another useful website: http://www.serdef.org/