FSA fines broker for self-cert failings


The FSA has fined Nottingham mortgage broking firm Gillen Farrelly Independent Advisers £17,500 for failing to ensure it provided suitable advice which exposed over 80 customers to the risk of being sold an unsuitable self-certified mortgage.

The case arose from a number of visits to the firm, including one in August 2007 which was part of an FSA thematic project looking at the sale of self-certified mortgages. The regulator said that between January 2006 and April 2008 the firm failed to make appropriate enquiries about customers' income, expenditure, credit history and debt position, so that it could properly assess the affordability of its recommendations. The FSA also revealed that Gillen Farrelly Independent Advisers failed to record sufficient personal and financial information about customers to demonstrate the suitabilit...

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