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FSA freezes broker’s assets

The FSA has frozen the assets of Heaney Finance mortgage broker Noel Heaney after it found he gave unsuitable advice to consumers and refused to conduct a past business review.

During a visit to Heaney’s office the FSA identified “serious systems and controls and management failures” in the business. A review of client files showed customers had not been recommended suitable mortgage contracts.

Heaney, of Northern Ireland, told the FSA he did not have the financial resources to conduct a past business review, but did not provide the FSA with evidence of his assets and liabilities.

The FSA says it has imposed the asset requirement order on Heaney with a view to securing funds to protect his customers.

FSA head of retail enforcement Jonathan Phelan says: “Taking this action and publicising it will help financial institutions to identify if they may be holding any of Mr Heaney’s assets, and take appropriate action. Such assets would be used to establish the extent of any consumer detriment and pay redress if necessary.”



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