A mortgage boss who was previously fined £70,000 by the FSA for treating customers unfairly is planning a stock market listing for specialist lender Jerrold Holdings.
The Sunday Times reports the company, which offers first and second charge loans through the Blemain Finance, Cheshire Mortgage Corporation and Lancashire Mortgage Corporation brands, is considering a float or partial sale to provide an exit for one of its backers Equistone Partners.
Henry Moser founded Jerrod Holdings in 1974 and was fined £70,000 by the FSA in 2012 after it deemed he had treated customers unfairly between 2004 and 2009.
The regulator found customers had been given late notice that they were in arrears, as well as being overcharged for falling behind with payments. In some cases borrowers were charged up to £150 for dealing with Jerrod Holdings’ in-house debt collectors.
Cheshire Mortgage Corporation was fined £1.2m in the same case. Moser was required to step down as chief executive of CMC as a result.
The company is yet to appoint an investment banking team to oversee the listing.