The FSA has banned sole trader Joseph Masi, trading as Select Mortgage Services, for breaching a settlement agreement with the regulator and providing false and misleading information to it.
Following an FSA investigation into the systems and controls at Masi's firm, and the suitability of the advice it provided to customers, Masi signed a settlement agreement which required him to obtain sign-off from an external compliance consultant for all mortgage sales for a period of six months from 3 September 2007. During a visit to the firm in March 2009, as part of the FSA assessment programme for small firms, Masi provided records that stated only one regulated mortgage application had completed in that six month period, and without following the agreed external sign-off process....
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
