£2.8M TCF penalty to GMAC-RFC

LONDON – The Financial Services Authority (FSA) has fined GMAC-RFC £2.8 million for unfairly treating customers over mortgage arrears and repossessions. The UK regulator says it is the first of several cases being investigated, and that it intends to take firm action over abuse of its Treating Customers Fairly regime. GMAC-RFC will also have to pay redress of up to £7.7 million plus interest to more than 46,000 mortgage customers.

“This is the largest mortgage-related fine so far,” says Lucy

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