Category: Mortgage Brokers Fined
£3.7 million compensation for the victims of Upton & Co Accountants Limited activities
Upton & Co Accountants Limited (Upton) of Wakefield, England have been found guilty in court of operating an unauthorised collective investment scheme, it was the Financial Services Authority (FSA) that secured £3,717,000 compensation for the investors by taking Upton to court. The high court ruling stipulated that the compensation was to be divided between the [...]
Read more£1.225 million fine for the Kensington Mortgage Company
The Financial Services Authority (FSA) have identified numerous failings by the Kensington Mortgage Company. Between 1st January 2007 and 31st October 2008 there were huge flaws in their mortgage arrears handling process. They charges excessive fees for cancelled and returned direct debits, the fees were well in excess of their administration costs – which made [...]
Read moreFSA fines Thinc Group for mis-sold sub prime mortgages
Thinc Group Limited and two of it’s group companies have recently been fined £900,000 by the Financial Services Authority (FSA). This fine would have been £1,285,000 but the firm qualified for a 30% discount under the FSA’s executive settlement procedures after agreeing to settle at an early stage. Thinc Group Limited are a large IFA [...]
Read moreRedstone Mortgage Limited fined by the FSA
Redstone Mortgages Limited are the lastest in the ever growing list of lenders to receive a fine from the Financial Services Aurthority (FSA). A number of serious failings by Redstone occuring between 01.01.1997 and 05.08.2009 relating to their handling process with mortgage arrears and unethical dealings with customers in general have led to the FSA handing [...]
Read moreGMAC fined by the FSA
Following investigations by the Financial Services Aurthority (FSA) GMAC have been fined a massive £2.8 million and will have to repay approx 46,000 borrowers up to £7.7 million, plus interest. The company who were previously one of the biggest mortgage providers came under scrutiny after customers complained that after falling behind on their mortgage repayments [...]
Read moreAnother broker fined by the FSA
Another mortgage broker firm has been disciplined by the Financial Services Authority (FSA) this week, following their recent crack down to protect consumers from the mis-selling of mortgages and PPI. Four other members in the mortage and insurance industry have also been fined for their part in the rogue practice. The FSA handed Essex based [...]
Read moreAnother mis-selling broker banned
Another mortgage broker has been fined after he was found guilty of knowingly submitting fraudulent mortgage applications. Gary Lester was fined £103,000 after an investigation revealed that out of 48 applications he had submitted, 42 of them contained false information and income facts about his clients. 14 of those had no tax records to support [...]
Read moreSix found guilty of mortgage mis-selling
As the FSA steps up its pursuit of fraudulent mortgage brokers and publicity over the mis-sold mortgages scandal becomes increasingly weighty, the latest to be found guilty of mis-selling mortgages were announced. Most of the brokers were found to have falsified some information on mortgage applications submitted on their clients behalf – no less than [...]
Read moreMis-sold Mortgages
Going back a couple of years, property prices were booming – making it difficult for many to obtain the mortgages required. As such many sought mortgages through brokers, resulting in mortgages taken through specialist lenders or sub-prime lenders. The FSA have expressed growing concerns, banning numerous mortgage brokers from trading. Such brokers were merely concerned [...]
Read moreMore brokers banned for mis-selling mortgages
The number of mortgage brokers who have been banned from working in the financial services industry has now risen to 91 after 3 individuals were recently found to be involved in mortgage fraud. Two of whom were also fined £294,500 and £120,000. After investigations into the cases by the FSA it would appear all 3 [...]
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