Thinc sorry for sub-prime errors after £900k FSA fine


Thinc Group has apologised for failures when selling and advising on sub-prime mortgages after the firm was yesterday fined £900,000 by the FSA.

The group was penalised for not having adequate risk management and compliance systems, and for failing to keep adequate records of advice given to customers. The regulator also said the firm continued to exhibit serious failings even after it paid a visit to the group in February 2007. Thinc says it has begun an internal review of its systems to ensure the failings aren’t repeated. John Simmonds, chief executive of Thinc, says: “We sincerely regret the shortcomings that have been identified with regard to record-keeping processes relating to a small number of sub-prime mortgages. “We a...

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