Mortgage advice





Brokers banned for poor mortgage advice

The Financial Services Authority (FSA) has banned and publicly censured a mortgage firm in Tyne and Wear for exposing its customers to undue risk by allowing them to receive unsuitable mortgages.

Mortgage brokers Edward and Ronald Allen fell short of the FSA's standards for quality advice to borrowers and failed to monitor their mortgage contracts.

Head of retail enforcement at the FSA Jonathan Phelan said: "The failings were particularly serious because the FSA first identified problems with the firm's systems and controls during a visit in 2006 and no steps were taken to remedy the situation by the time of the FSA's visit in 2008."

He added that both directors were incompetent and incapable of ensuring their firm provided its customers with quality mortgage advice.

Meanwhile, the Citizens Advice Bureau has called for credit providers and debt advisory services to join forces to reform the UK's failing self-help debt system.

It hopes to provide borrowers with poor credit history or debt with advice on how to take control of their finances.

© SOURCE: beatthatquote.com


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