Directors avoid £300,000 fine due to bankruptcy

clock

Two directors have been censured by the FSA for failing to ensure their firm had appropriate procedures in place to ensure customer received suitable mortgage advice.

Michael Worthington and Darren Millington, executive directors and main shareholders of Lifestyle Finance Limited, would have faced a total fine of £300,000 had they not been bankrupted. The pair failed to put in place appropriate sales and compliance procedures, according to the FSA, and did not complete a past business review in a reasonable timeframe. The failure to conduct the past business review meant customers who may have been mis-sold mortgages could to be identified to receive redress. The FSA also found the firm’s compliance department did not have sufficiently experienced and...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Mortgages

Client conundrum: Mortgage overpayments versus investments

Client conundrum: Mortgage overpayments versus investments

1.4 million people will see mortgage deals end this year

Laura Suter
clock 22 February 2023 • 3 min read

Summer economic update: Sunak confirms stamp duty holiday in 'mini-Budget'

Mini Budget

Hannah Godfrey
clock 08 July 2020 • 2 min read

FCA sounds alarm on equity release advice

'Tick-box exercise'

Hannah Godfrey
clock 17 June 2020 • 1 min read