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Crackdown continues with three more bans

The FSA has banned a further three mortgage brokers in its campaign to stamp out sub-standard practice.

Derick Whewall and Alan Hewitt, partners of The Mortgage Exchange, have been banned for not ensuring the partnership gave suitable advice to customers, exposing 250 clients to the risk of receiving unsuitable advice.

The regulator says they also did not obtain and record sufficient information to establish customers’ needs and objectives and their assessment and recording of affordability of recommended mortgage contracts were inadequate.

Plaistow mortgage broker John Akinduro, trading as Highflyer Business Services, has been banned for submitting false mortgage applications to lenders.

The FSA found that Akinduro submitted mortgage applications in the names of two individuals without their knowledge or consent.

He also submitted certified documents as true copies when he had not seen the originals and the documents were false.

The regulator says that Akinduro did not notify it that he was the subject of bankruptcy proceedings and that two bankruptcy orders had been made against him. He failed to disclose to the FSA five unsatisfied county court judgments which had been registered against him.

FSA director of enforcement Jonathan Phelan says: “We are continuing to find instances where mortgage brokers are unwilling or unable to maintain the standards we require and where we come across this we will take action, including banning them.”


Kilminster creditors want A2O deal probe

The liquidation committee for Kilminster Financial Management is to call on the liquidator to investigate the deal which saw the majority of KFM advisers move across to A2O.

Band aid

The introduction of transferable inheritance nil-rate bands for married couples and civil partners continues to provide a massive opportunity for financial advisers to demonstrate their added value to clients and professional introducers.


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