FSA has fined Swift 1st Limited £630,000 for unfair treatment of some customers facing mortgage arrears. FSA found several serious failings that took place over two years. These included applying various charges to the accounts of customers who were in arrears that were not a reasonable reflection of the cost of managing the arrears. Further failings included levying excessive early repayment charges on customers who had been in arrears and not having in place proper systems and controls to deal with early repayments. The firm self-reported and is also undertaking a redress exercise, which should result in payments of around £2.35 million to customers. (Source: FSA Fines Mortgage Lender for Arrears Failings)