A mortgage broker’s managing director has had his approval withdrawn, been prohibited and fined £17,500 due to lack of competence and capability. He failed to ensure the firm had proper systems and controls and there were serious concerns regarding the quality of advice and communications with customers (Robin David Knox, 3 July 2008). The firm’s Part IV permission was cancelled following variation action (Mortgage and Property Services Limited, 3 July 2008).

A mortgage adviser has been prohibited and fined £129,000 for breaches of Statements of Principle 1 and 4 arising from the submission of false mortgage applications (Sadia Nasir, 4 July 2008).

View FSA Final Notice - Robin David Knox, (PDF 143KB), 3 July 2008

ViewFSA Final Notice - Mortgage and Property Services Limited, (PDF 138KB), 3 July 2008

View FSA Final Notice - Sadia Nasir, (PDF 68.6KB), 4 July 2008

Two supervisory notices have been issued: to a credit union which failed to provide audited financial information and an insurance broker which failed to provide evidence of PII (Irvine North Credit Union Limited, 10 June 2008 and Comline Group Limited, 3 June 2008).

The High Court has held that a FOS ombudsman was entitled to rely on his own expertise and knowledge of the financial services industry and to reject a contemporaneous article written by a director of the product vendor when considering a complaint about an IFA’s advice regarding that product. It was recognised that additional expertise might be required in some circumstances such as cases involving rare or complex products (R (on the application of Williams) v Financial Ombudsman Service and another [2008] All ER (D) 35 (Jul)).

View Comline Group Limited, (PDF 40.2), 10 June 2008

View Irvine North Credit Union Limited, (53.6KB), 10 June 2008