Adviser firm hit by £10k FSA fine

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The FSA has fined an adviser firm £10,500 for exposing consumers to the risk of being sold unsuitable equity release products.

The Minel Group, based in Newcastle-upon-Tyne, was guilty of persistent failures in record keeping and deficiencies in systems and controls when selling lifetime mortgages, the regulator says. In addition to the fine, the FSA says Minel must review its sales of lifetime mortgages between 9 November 2004 and 9 December 2005 to compensate customers for any loss due to unsuitable advice. The firm is no longer able to offer lifetime mortgage advice. It is the first time the FSA has taken such heavy action against a lifetime mortgage adviser. The FSA says the firm has insufficient procedures ...

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