Banned brokers avoid £30k FSA fine

However, the pair were let off a £30,000 fine because they would have suffered financial hardship if they were forced to pay-up. Edward and Ronald Allen, directors of Tyne & Wear-based Homeplan, failed their customers on a number of occasions, according to the FSA. During a visit as part of its ‘quality of advice’ review, the regulator found the brokers had not collected adequate customer information to justify mortgage recommendations. They also failed to implement systems and controls to ensure clients received a good standard of mortgage advice and failed to properly record management...