FSA fines and bans mortgage group directors

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Directors of Black and White Group, Chris Ollenrenshaw and Thomas Reeh have both been fined a total of £60,000 by the regulator, while Adrian Childs and Ollerenshaw have been banned.

The Financial Services Authority (FSA) took action against three former directors of Black and White Group Limited (in liquidation) (Black and White), for numerous failings in relation to the sale of mortgages and payment protection insurance (PPI). Christopher Ollerenshaw and Thomas Reeh, the chairman and chief executive respectively, challenged the decisions of the FSA in the Upper Tribunal. The tribunal agreed with the FSA that fines should be imposed but reduced these to £100,000 (£50,000 after financial hardship) for Ollerenshaw and a fine of £75,000 (reduced to £10,000 after fin...

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