FSA bans broker for life assurance fraud

The FSA has banned Peter King and his Bournemouth-based firm New Forest Mortgage Company Ltd for knowingly submitting applications for fraudulent life assurance policies.
The regulator found that, since June 2007, King submitted applications for 39 fraudulent life assurance policies – 30 of which were in the names of applicants whose personal details were either wrong [...]

FSA bans brokers over advice failings

The FSA has banned and publicly censured Tyne & Wear mortgage brokers Edward Allen and Ronald Allen for failings which exposed the customers of their firm to the risk of receiving an unsuitable mortgage.
The Allens, directors of Homeplan, failed to implement adequate systems and controls to ensure that the quality of mortgage advice to customers [...]

FSA backs HBOS

The FSA has made an official statement concerning its view of HBOS, which has been severely hit on the stock exchange over the past few days.
The statement reads: “Since the beginning of the current extreme difficulties in the financial markets, the Financial Services Authority has worked intensively with all major UK banks to ensure they [...]

FSA censures mortgage broker

The FSA has censured Coventry-based mortgage broker, Mr Mohammed Habib, for failing to ensure his customers received suitable advice. Mr Habib, who traded as MAH Mortgage and Finance, must also pay for an independent review of his past business, compensate customers if appropriate, and must stop providing regulated mortgage advice.
The FSA found various failings which [...]

FSA slaps AFS with £63,000 fine

The FSA has fined Derbyshire mortgage broker Approved Financial Solutions Ltd (AFS) £63,000 after finding the firm failed to ensure it gave suitable advice, and did not communicate accurate information about mortgage charges to its customers.
Jonathan Phelan, head of retail enforcement at the FSA, said: “AFS’s failings were serious because its sales process enabled vulnerable [...]

FSA bans trio for misusing client money

The FSA has banned three directors of a London-based insurance business, BPS Insure Limited, for failing to inform the FSA that BPS had a deficit of approximately £3 million in its client account and had misused client money.
Robert James, chief executive officer, and directors Stuart Lawton and Paul Adams all worked at BPS until it [...]

Consumers back financial ‘Weight Watchers’

Consumers want simplified and motivational choices when selecting savings products, like a financial version of ‘Weight Watchers’, according to research by Aegon. The provider is calling on the FSA to take account of what consumers want from financial advisers, as it moves ahead with its advice reform agenda with the RDR.
Its research, based on sessions [...]

Bournemouth broker censured by regulator

The FSA has censured mortgage broker Leybridge Ltd for failing to ensure it provided suitable advice which exposed 425 customers to the risk of being mis-sold a mortgage.
Leybridge was unable to pay the proposed fine of £24,000, and the FSA therefore waived the fine in order to ensure that Leybridge could afford to compensate customers [...]

FSA bans adviser from management role

A financial adviser will no longer be able to operate as a senior manager after failing to supervise his pensions transfer specialist who the FSA deems gave customers “unsuitable” advice. The regulator has banned sole trader Darrell Mark Eaden, who traded as Liberty Financial Consultants in Barnsley, for failing to “exercise due skill, care and [...]

Self-cert lenders are in the FSA’s sights

Self-cert lenders are in the spotlight following a Financial Services Authority review into their conduct.
The regulator says it may refer several lenders to enforcement as a result of its inquiry, which found cases where self-cert was used without adequate justifications being recorded. The review involved 23 firms and cases completed in June 2007.
Self-cert lending has [...]