Scottish Widows has come under fire after incorrectly labelling a fast-track mortgage as a self-certified product, potentially leaving intermediaries vulnerable to FSA fines.
When seeking a self-cert loan for a client who could not prove their income, mortgage broker Paresh Shah, director of Financial Solutions 2000, noted a Scottish Widows mortgage provided through Active Lending Solutions (ALS). However, upon further enquiries to ALS he discovered the product was actually a broker verified income product. Shah says he asked both ALS and Scottish Widows to remove the product as the label was misleading, but both refused until he threatened to take the matter to the FSA. “It’s not right that brokers are being fined for not collecting the correct income inform...
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