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Mortgage boss fined £70k eyes stock market listing

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.

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Comments

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

  1. Why the negative headline? Surely a good news story from our sector? Is it fair to focus on historic issue of 10 years ago or should the positive news be treated better than this? I thought I was reading a tabloid newspaper for a moment, come on guys we don’t need to berate our own, plenty of banker bashers willing to do that for us.

  2. I think its only just that this kind of unfair actions are exposed! I am well aware of the ongoing issues many consumers are currently having with Blemain and it is clear that there is no change to the unfair tactics of this company and associate companies.

    To get a picture of why it`s most certainly not an historic issue, all you have to do is look at one of the many online sites that show this, for instance, a quick search on http://www.legalbeagles.info will provide ample evidence to support the current tactics and clear unfairness of these type of companies.

    The fact is, its ongoing, its current, and in my view, failing to expose these people is not an option should we wish to rid society of these ridiculous tactics.

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