The FSA has revoked the app-roval of a Durham-based director of a mortgage firm which prevents him from holding senior positions in the finance industry for at least two years.
Roger Collins was the only director and approved person in his firm, Thoroughgood Harrison and Davies. The FSA says that Collins’ inadequate management and poor understanding of regulatory requirements put 300 customers at risk of getting unsuitable advice.
Collins allowed an unqualified mortgage adviser to give unsupervised advice to customers. Other clients were recommended mortgages with terms that extended into their retirement, rendering them pot-entially unaffordable.
The firm has now been put in voluntary liquidation and is no longer active.
Collins escaped a £30,000 fine as the FSA decided this might threaten his solvency.
FSA head of enforcement and financial crime Margaret Cole says: “Senior management who do not demonstrate the necessary skills to ensure their firms are properly run and their customers are protected will face tough sanctions.”