On December 10th, the Financial Services Authority fined a mortgage lender, Cheshire Mortgage Corporation Limited ("CMCL"), £1.225 million for failing to treat customers fairly. The CEO of CMCL, Henry Moser, has been fined £70,000; Moser has agreed to step down from his role within three to six months. Andrew Lawton, the firm's compliance director, has been fined £13,500 and banned from holding a significant influence function. The FSA has also required CMCL to carry out a redress exercise that could see approximately £2 million paid to around 2,000 affected customers. CMCL operated in niche markets, including lending to customers with poor credit histories. The FSA found that CMCL failed to treat some of its customers fairly when they fell into arrears, was unable to always demonstrate that mortgages it sold were affordable, and did not always communicate regularly or fully with its customers. FSA Press Release.