The FSA this week banned two mortgage brokers for management failings and for failing to treat customers fairly.
The regulator found that Heaney Finance sole trader Noel Heaney, based in Northern Ireland,was not competent to run an authorised firm after it identified TCF failings. Heaney entrusted the running of his business to an inexperienced employee and failed to ensure that advisers were clear about the sales process.
The FSA says the advisers were not properly supervised and their work was not monitored. It also found evidence that some customers may have used the firm to submit false or misleading mortgage applications.
The FSA has also banned Essex-based mortgage broker Antoinette Davis, trading as Ability Mortgage Solutions, for not being fit and proper to run a mortgage brokerage.
Davis set up Ability Mortgage Solutions as a sole trader after her previous employer was made bankrupt to continue servicing the existing client base. The FSA says Davis failed to establish appropriate systems and controls.
She also failed to take reasonable care to ensure that suitable advice was given.
FSA director of enforcement and financial crime Margaret Cole says: “We must continue to deal robustly with the firms and individuals who do not engage with us to ensure the fair treatment of their customers.”