Claims management firm Cartel Client Review has warned that the misselling of self-certification mortgages is set to spark the next wave of controversy in the financial services arena.
The firm also hit out at financial services industry incompetence in managing the impact of the misselling of payment protection insurance (PPI) policies in the UK. Commonly sold to the self-employed without any requisite proof of income, Cartel said the self-certification mortgage loans were a classic reflection of the financial services industry's focus in recent years on individual affordability, as opposed to underwriting on the basis of borrower income, when it comes to assessing mortgage loan risks. Carl Wright, managing director of Cartel, said it had already seeing a steady tric...
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