Two more brokers banned for incompetence

Derrick Whewall and Alan Hewitt, partners of Wakefield-based Mortgage Exchange, were banned for failing to meet the regulator's standards for competence and capability, the FSA says. It says the duo failed to put in place procedures to prevent potentially false applications being submitted through their business. Jonathan Phelan, director of enforcement at the FSA, says: “The partnership’s systems and controls, management information process and monitoring of advisers fell way short of what is required creating unacceptable risks relating to unsuitable advice and financial crime.” The pa...