The Financial Services Authority (FSA) has fined Best Advice £7,000 for failing to record and retain sufficient personal and financial information about customers.
The regulator says the failings occurred between June 2005 and June 2006 and relate to record keeping by appointed representatives of the mortgage network as part of the regulated advice process. The FSA says Best Advice failed to keep adequate customer records or inform customers who had made a complaint that they may refer the matter to the Financial Ombudsman Service. The network also failed to take required remedial action required by the FSA after a visit to the firm and showed an inability to demonstrate its reasons for recommending a particular mortgage contract. Best Advice avoi...
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