Mortgage advice firms failing FSA requirements

The FSA surveyed 252 firms of different sizes through mystery shopping, visits and questionnaires between June and October last year as part of a series of work into the mortgage industry. It says over three-quarters of firms in the ‘small mortgage networks and advisers’ sector did not have robust processes in all areas of their business associated with giving advice. Six firms in the sector allowed inappropriately qualified advisers to provide advice, around half did not gather sufficient customer information before making a recommendation, just under half issued an accurate initial dis...