Directors avoid £300,000 fine due to bankruptcy


Two directors have been censured by the FSA for failing to ensure their firm had appropriate procedures in place to ensure customer received suitable mortgage advice.

Michael Worthington and Darren Millington, executive directors and main shareholders of Lifestyle Finance Limited, would have faced a total fine of £300,000 had they not been bankrupted. The pair failed to put in place appropriate sales and compliance procedures, according to the FSA, and did not complete a past business review in a reasonable timeframe. The failure to conduct the past business review meant customers who may have been mis-sold mortgages could to be identified to receive redress. The FSA also found the firm’s compliance department did not have sufficiently experienced and...

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