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FSA bans mortgage broker

The FSA has revoked the permission of a Kent mortgage broker after he failed to pay out an FOS award against him.

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The regulator has banned George Loscombe, trading as Simple Mortgage Solutions in Sheerness, after he failed to appeal against a decision notice in April.

The FSA says Loscombe, a directly authorised broker, failed to pay out after the ombudsman ruled against him in March 2007.

The FSA informed Loscombe: “This failure, which is significant in the context of your suitability, leads the FSA to conclude that you are not conducting your business soundly and prudently, and in compliance with proper standards, that you are not a fit and proper person.”

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