View more on these topics

FSA bans and fines mortgage broker £17,500

The FSA has banned and fined North East-based mortgage broker Robin Knox £17,500 after he exposed 500 of his customers to the risk of receiving unsuitable advice.

Knox, managing director of Mortgage and Property Services Limited, was banned for lacking competence and capability and for failing to ensure his firm had proper systems and controls in place for the nature of the business it conducted.

The FSA also fined Knox for failing to organise the firm’s affairs effectively and responsibly and failing to ensure the firm met required standards in recommending mortgage contracts.

The FSA found that the firm’s advisers recommended mortgage contracts which were not suitable taking into account clients’ needs and circumstances, including cases where sub-prime mortgages contracts were recommended in circumstances where it appeared that prime mortgage contracts may have been available.

Also, Knox failed to ensure that the firm adequately disclosed to customers the amounts of fees payable and to ensure that the firm made and retained adequate records about why it considered recommended mortgage contracts were affordable and suitable.

FSA head of retail 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 use our regulatory powers to ban these individuals and where appropriate impose a financial penalty on them as well.”


Web tool assesses TCF

Marketing group Golley Slater has developed a web-based tool, Kaleidaview, which measure firms’ success in implementing the FSA’s treating customers fairly initiative.

Fears of rapid decline for mortgage market

Home Funding chief executive Tony Ward warns that the mortgage market is going to quickly fall further if the Treasury’s mortgage finance working group does not come up with a solution.

Open up choice with opt-out move

Policymakers should consider making pensioners have to opt out of the open market option by actively choosing to stay with their provider, says Living Time sales and marketing director Dave Harris.

Inheritance tax when it is relevant

Neil Jones is Technical Support Manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. A trust can offer significant advantages when an individual is […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm