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FSA warns against dealing with mortgage brokerage

The FSA has published a warning to the public not to do business with Munir Mughal, trading as Mortgage Bureau (UK) Hayes.

It states the firm is not authorised under the Financial Services and Markets Act 2000 to carry out regulated activities in the UK.

The regulator warns investors should be aware that the Financial Ombudsman Service and the Financial Services Compensation Scheme are not available if they deal with an unauthorised company or individual.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Julian Stevens 9th May 2011 at 7:13 pm

    Given that providing financial advice without authorisation is a criminal offence, I’d have thought that appropriate action would be for the FSA to close the business down and board up the premises. Or are the rules somewhat different for advising on mortgages?

  2. But it’s a lot quicker to get the message out in the media and warn people off. And there’s the potential problem of traders carrying on unregulated businesses (e.g., in the current context, BTLs and second charges) which would preclude a total shutdown.

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