FSA has fined one mortgage broker £34,500 for failures relating to mortgage advice. It found the broker did not:
- obtain and record from customers all information likely to be relevant to the suitability of its advice, including financial information;
- record how or why recommended mortgage contracts were suitable;
- implement adequate arrangements for supervising and monitoring its advisers; or
- make and keep adequate records of how it carried out training, supervision and monitoring of its advisers.
It also fined two directors of another mortgage firm £30,000 for failing to check whether their customers had provided them with accurate information or checking the affordability and suitability of recommended mortgage contracts, exposing their customers to the risk of receiving unsuitable advice. FSA had already publicly censured the directors’ firm.