View more on these topics

FSA censures first broker in thematic review

The FSA has issued the first of several censures against mortgage brokers for failing to adhere to its quality of mortgage advice processes.

The regulator censured Bournemouth mortgage broker Leybridge last week for not offering suitable advice and exposing 425 customers to the risk of being missold a mortgage.

The FSA says this is the first case to come out of its thematic review of mortgage advice, a study of 50 advisers which began in early 2008.

It says more firms can expect to be fined or censured in the near future.

Leybridge was unable to pay the proposed fine of £24,000, so the FSA waived the fine to ensure that it could afford to compensate customers.

The FSA says the broker failed to ensure that it made and retained adequate records of its customers’ personal and financial information, especially during the application and approval processes for self-certifi- cated mortgages. It also found that the broker had been negligent towards clients who were exposed to the risk of being unable to afford mortgage repayments during retirement.

Director of enforcement Margaret Cole says: “Leybridge’s record keeping was so poor that it could not demonstrate that the sales of mortgages were suitable and had no way of proving to us that the firm was treating its customers fairly.”


Prestbury to look at consolidations

Prestbury chief executive Lee Birkett says he is considering potential consolidations with other networks after winning an EGM vote to retain his job.

Europe: Domestic backdrop & China impact

By Rob Burnett, Head of European Equities In recent weeks equities have been buffeted by two shocks occurring at the same time: China’s devaluation of the renminbi and the prospect of the US Federal Reserve (Fed) raising interest rates. The market is not comfortable with the Fed raising rates at the same time that China […]


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