The FSA has fined a mortgage broker £10,500 for offering unsuitable mortgages to consumers.
The regulator says the Cheshire-based firm, Chariot Mortgage Services, breached principles seven and nine of its Principles for Businesses, as well as rules in chapter four of its MCOB handbook, between October 2004 and October last year. The FSA says the fine was based on two areas. Firstly, it says Chariot failed to obtain from customers, and make records of, sufficient information to demonstrate the suitability of its advice, and of the customer's personal and financial circumstances. Secondly, it says Chariot recommended mortgage contracts "which appeared not to take into account cust...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes