View more on these topics

FSA censures Mortgageland

The FSA has publicly censured Mortgageland Limited for poor financial promotions, inadequate sales processes and record-keeping failings.

The FSA found that the London-based firm failed to give sufficient prominence to the annual percentage rate in a mortgage promotion aimed at people with County Court judgments, loan arrears or defaults.

In another promotion, it failed to indicate the level of fee that customers would be charged or set out that the fee included an amount to cover other fees which were paid by the firm on the customer’s behalf.

The regulator says in addition, the firm failed to record appropriate details of customers’ needs and circumstances including how customers planned to repay the mortgage and their income and expenditure details.

The FSA says Mortgageland has amended its financial promotions and taken steps to remedy the other failings.

FSA director of enforcement Margaret Cole says: “Taking out a mortgage is one of the most important decisions anyone makes during their life. Poor practice by firms in this area poses a high risk to consumers and this is particularly the case when it comes to sub-prime mortgages, given the vulnerable nature of the target audience.

“It is essential that firms’ financial promotions are clear, fair and not misleading, so that consumers know exactly what they are buying. And poor financial promotions often go hand in hand with other problems at firms. In this case, the firm also demonstrated poor record-keeping, both in terms of assessing suitability and documenting recommendations made.”


Fay Goddard to take over from Tim Eadon at PFS

Former Aifa deputy director general Fay Goddard is tipped to take over from Tim Eadon as chief executive of the Personal Finance Society, following the announcement of Eadon’s resignation yesterday.

Get smart

The mortgage market is certainly tough at the moment and in uncertain times the temptation is always to tighten up the marketing budget. That is fine and prudent but some would say this is exactly the time to crank up your marketing efforts.

IHT: What were you doing in 2009?

One of the best sources of new business is your existing clients and, if they are estate planning clients, regular reviews are needed because people’s inheritance tax (IHT) problems tend to only get worse. Now, not a lot of things remain at the same rate as in 2009. If we turn the clock back, it […]


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