A mortgage broker has been fined £17,500 for breaching Principles 2 and 9 in relation to the operation of its self-certified mortgage sales process. The firm had failed to gather and record sufficient information from customers and failed to conduct adequate due diligence in relation to a third party introducer. The firm also agreed to conduct a customer remediation exercise (Gillen Farrelly Independent Mortgage Advisers, (PDF 111KB), 26 January 2009) .  

A firm’s part IV permission has been varied to remove all regulated activities due to FSA concerns that the firm appeared to have breached Principle 1, 6 and 7 by dishonestly making telephone calls to customers querying the suitability of their products and the financial stability of their existing provider; falsely claiming to be from HBOS and using high pressure sales tactics to persuade customers to cancel or sell an existing policy and take out another; using bank details obtained from customers to take out policies without their consent or knowledge and misleading the FSA (Aaron Nickols trading as Warwick Finance, (PDF 1.40MB), 4 February