Advisers warned 'prepare for more claims' after Thinc fine

Nik Carle, a partner in the firm’s professional indemnity (PI) group, suggests lenders and financial advisers would do well to review their processes in the wake of the fine. While the significant size of the fine was based on Thinc’s serious failings in advising on sub-prime products, the move by the regulator signals a clear resolve to punish shoddy practice across the board, he says. “This decisive move by the FSA sets a high bar for the assessment of sub-prime lending and advisory practice. There is certainly scope to adopt the FSA’s ‘Principles for Businesses’ as a benchmark when l...