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FSA issues consumer warning about The Financial Associate Limited

The FSA has issued a consumer warning about Kent-based advisers The Financial Associate Limited and is urging customers of the firm to contact the regulator.

The FSA says the firm’s director, John Charalambous, may have applied for mortgage advances for customers in excess of the amount requested and kept the surplus.

The FSA says customers who have taken out a mortgage with the firm, or are in the process of doing so, should check that the mortgage advance is for the amount they applied for in their original mortgage application.

They should also check whether they have received policy statements or correspondence from life insurance companies about life cover they do not remember applying for.

The regulator says: “The FSA has reason to believe that Mr Charalambous, the firm’s director and adviser, has on at least one occasion applied for a mortgage on behalf of a client. The mortgage advance applied for was in excess of the client’s requirements and the mortgage advance was not paid to the client.
At the same time as applying for mortgages for his clients, Mr Charalambous may have applied for life assurance policies without his clients’ knowledge or consent.”

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