FCA fines TSB £10.9m for failing to properly support customers in financial difficulty, with inadequate systems and controls that led to unaffordable repayment plans and inappropriate fees

TSB Bank has been fined £10.9 million by the FCA for failing to properly support customers in financial difficulty, with inadequate systems and controls that led to unaffordable repayment plans and inappropriate fees. Despite identifying issues in 2016 effective action wasn’t taken until 2020 FCA-ordered review which revealed the extent of the failings. TSB has since paid £99.9 million in redress and implemented a £105 million program…