Broker censured for self-cert failings


The FSA has publicly censured Doncaster-based broker Mortgages Remortgages for exposing up to 80 of its customers to the risk of being sold an unsuitable self-certified mortgage.

The regulator found the firm failed to make appropriate enquiries about customers' sources of income, expenditure, credit history and debt position so that it could properly assess the affordability of its recommendations. It also failed to demonstrate the plausibility of customers' declared income and expenditure. The offences took place between January 2006 and April 2008. The FSA has taken into account the fact the firm agreed to undertake a customer contact and remediation exercise. The FSA said it would have imposed a penalty of £20,000 but for the firm's financial position. "At ...

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