It's reassuring for the reputation of the wider industry to see that the FSA are continuing their clampdown on rogue mortgage advisers.
With the banning of four advisers over recent days and some large fines it takes the total to 17 enforcement actions since the start of the year. This includes enforcement action on four firms for poor sales procedures in May and a hefty £900,000 fine for Thinc Group for problems with its sub-prime documentation. Despite repeated warnings from the FSA, advisers are still falling foul of their record keeping and further enforcement is surely on the cards as the noose tightens on the mortgage miscreants. Given the FSA’s stance, it’s a great opportunity for responsible advisers to go back t...
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