FSA censures mortgage broker director

This is the first occasion on which the regulator has disciplined a senior manager of a mortgage and general insurance broker. Davis was chief executive of and the director responsible for accounts and finance functions at Essential Mortgages Limited (EML), based in the West Midlands. He failed to ensure there were adequate systems and resources in place for processing, accounting for and monitoring customers’ applications in respect of payments for accident sickness and unemployment (ASU) insurance policies. According to the FSA, at least 350 customers’ ASU policies – worth £500,000 ...