Banks fined for ‘forced' mortgages

By The Nation

 

 

Bank of Thailand has imposed fines on leading banks Krung Thai Bank and Siam Commercial Bank for forcing mortgage clients to buy fire insurance from specific firms. 

 

The central bank today (Wednesday) announced that it had fined Krung Thai Bank and Siam Commercial Bank, Bt3,540,000 and Bt3,210,000 respectively for their actions forcing clients to buy fire insurance from specific firms without giving choices to borrowers. 

 

The two banks had implemented unfair business practices against mortgage borrowers, violating the central bank's market conduct regulation, the BOT said.

 

The two banks have now corrected the services, BOT added.

 

Source: http://www.nationmultimedia.com/detail/breakingnews/30355273

 

-- © Copyright The Nation 2018-9-26

This is good to hear that they have sanctioned the banks for unfair practices. I wonder what other areas are under investigation also, if indeed there are any ?  But to hear this starts to provide a bit of confidence to the Thai public that indeed Banks are indeed accountable for their deeds.

11 minutes ago, snoop1130 said:

Bt3,540,000 and Bt3,210,000

Some of the tiniest bank fines I've ever seen... Many of us could pay the fine from our checking accounts 

7 minutes ago, Fex Bluse said:

Some of the tiniest bank fines I've ever seen... Many of us could pay the fine from our checking accounts 

Well I guess if you tell SCB and KTB that you wish to pay their fines for them then they may make you an "Honorary customer" as it is such a small amount to you.

55 minutes ago, snoop1130 said:

"........forcing clients to buy fire insurance from specific firms without giving choices to borrowers". 

Sure this is crooked.... but isn't everything crooked in Thailand? This is minor on the scale of 1 - 10 on the corruption ranking.

Politicians and civil servants are much more professional in the way they corrupt and they rate far more highly than the bankers mentioned in this story. 

This is not major corruption just a small blip on the landscape & would have cost the 

mortgagees only very small extra money if at all.

How about a "police reform"

Never happen as the Government is scared of them