Thinc hit with £900k sub-prime fine despite FSA warning


The FSA has fined Thinc Group £900,000 for failures when selling and advising on sub-prime mortgages.

The regulator has also revealed the firm continued to exhibit serious failings, even after the FSA had made a thematic visit and recommended remedial action. Thinc Group and two of its group companies were fined a total of £900,000 for not having adequate risk management and compliance systems and failing to keep adequate records of advice given to customers when selling sub-prime mortgages. The offences took place between 1 January 2006 and 30 September 2007 and include; failing to obtain financial information about customers, failing to demonstrate a customers credit history merited a s...

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