Cathy Jamieson MP, Labour’s Shadow Treasury Minister, responding to news that RBS has been fined £14.5 million over mortgage advice, said:

“People facing a cost-of-living crisis need to be able to trust the financial advice they receive from their bank. This is just the latest in a series of scandals to hit the sector and the serious failings identified by the FCA need to be addressed urgently. These scandals also show why we need proper banking reform, with challenger banks and more competition to rebuild trust in the sector.”

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