FSA fines Rainbow Homeloans £35,000

The regulator says the firm has now ceased conducting all regulated business. But it adds Rainbow Homeloans avoided a larger fine of £50,000 because it admitted it was at fault and agreed to settle at an early stage of the FSA’s investigation. The FSA found that Rainbow Homeloans’ management had not ensured that, as directors, they were approved to perform their regulated function and had not adequately monitored and controlled the business at all times. Instead, the regulator says the firm’s management relied to an inappropriate extent on an external consultant for overseeing complianc...