An Essex-based mortgage broker has been banned by the FSA for failing to conduct satisfactory fact-finds and delivering unsuitable advice.
The regulator says Antoinette Davis, who set up Ability Mortgage Solutions after her previous employer went bankrupt, failed to establish appropriate systems and controls, take reasonable care to ensure suitable advice was given and prove that she was providing sound mortgage recommendations.
It states Davis failed to obtain expected retirement dates, existing mortgage rates or debt levels as well as clients' attitudes to risk.
"[Davis] allowed customers to refuse to disclose information about their income and expenditure despite acknowledging this information is necessary to assess the affordability of a mortgage product," the regulator's Final Notice reads.
Davis employed a compliance consultant but when he identified areas of serious concern, she failed to act on his recommendations promptly.
She also acknowledged letters sent to customers documenting why a mortgage recommendation was suitable were generic and not tailored to the specific needs of the individual.
Tom Spender, FSA head of retail enforcement, says: "Being an authorised person requires a responsible and competent approach. Davis lacked both of these qualities which is why we have banned her and cancelled her authorised status.
"By failing to put suitable systems and controls in place, such as effective compliance monitoring and staff training, Davis demonstrated a lack of competence and capability, proving that she is not fit to perform a role of significant influence at an authorised firm."
The FSA has banned over 70 mortgage brokers in the last three years.
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