The FSA has fined Essex-based mortgage lender Swift 1st Ltd £630,000 for unfair treatment of some customers facing mortgage arrears.
In addition, the lender has agreed to provide redress to customers of approximately £2.35m. This will cover customers who were in arrears and who were charged certain arrears fees and charges the FSA found were excessive. Swift will also provide redress to customers who redeemed their mortgages early, where it miscalculated the interest on the redemption balance. Swift becomes the fifth mortgage lender to be fined over arrears handling, following action against GMAC-RFC, Kensington, Redstone Mortgages and DB Mortgages. The FSA has identified a number of serious failings by Swift...
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