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FSA refers seven mortgage advisers for enforcement

Seven small mortgage advisors have been referred to enforcement and a further 23 are required to review customer files following the FSA’s second Quality of Advice review.

The regulator looked at 250 mortgage advice firms to identify where improvements have been made following the initial project last year, which found weaknesses in key areas of firms’ advice processes.

The FSA says the overall findings were disappointing and is telling firms they must “significantly improve methods of establishing affordability, including gathering better evidence to support their reasons for advice and doing more to take customers’ existing outgoings into account”.

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