ABN AMRO to investigate breach of procedure for corrections to mortgage advice

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Earlier today ABN AMRO announced that its quality controls had revealed a breach of procedure by nine of its mortgage advisors. The nine individuals in question have been suspended. No evidence has emerged to indicate that any clients have been adversely affected. The bank has launched a thorough investigation.

What happened?

As one of the bank’s quality control procedures, all mortgage advice is reviewed by a quality desk. This additional quality control takes place after the client has signed the report containing the advice. The report bearing the client’s signature forms the basis for completing the mortgage offer and executing the deed in accordance with the regular process and the rules that are in place.

However, after the initial mortgage advice has been signed by the client as having been seen and approved, it sometimes emerges that information is missing, or that the client has another preference and the report does not explain this properly. In these cases, the advisor is required to correct the report and share it with the client, who then signs the revised report.

Nine advisors have now been found to have copied their clients’ signatures from the original reports to the revised versions. This is a breach of the bank’s procedures.

ABN AMRO regrets this unfortunate turn of events and apologises to its clients. Clients whose signatures were copied will be contacted by the bank to establish whether the revised paperwork was shared and discussed with them.

The wider investigation that has now been launched will go back to 2013, when this procedure was first introduced. A total of more than nine thousand files will be reviewed.

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