Second broker banned and fined by FSA

Robin Knox, managing director of Mortgage and Property Services Limited in Darlington, is only the second mortgage broker to receive both a fine and a ban. Knox and his firm were banned from conducting regulated business due to a lack of competence and capability. He also failed to ensure the firm had proper systems and controls in place. The FSA’s investigation found the firm’s advisers recommended unsuitable mortgages, with a number of customers sold sub-prime mortgages when prime deals may have been available to them. The firm also failed to adequately disclose the amount of fees paya...