Jan/100
Mortgage brokers fined £17,500
A NOTTINGHAM mortgage broking firm has been fined £17,500 because it failed to provide suitable advice.
Gillen Farrelly Independent Advisers Limited exposed more than 80 customers to the risk of being sold an unsuitable self-certified mortgage, say the Financial Services Authority (FSA). The FSA said that between January 2006 and April 2008 the Forest Fields firm failed to make appropriate inquiries about customers’ income, expenditure, credit history and debt position.
The authority also said the company failed to carry out straightforward checks that increased the risk of being used by third parties to commit financial crime.
The company no longer sells self certification mortgages and agreed to settle at an early stage of the FSA’s investigation, so qualified for a 30% reduction in penalty.
The company refused to comment when contacted by the Evening Post.
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