Post by Sapphire Capital on Jul 15, 2008 21:02:34 GMT 4
July 15, 2008
Mortgage Master from Kilmarnock has been forced to pay £11,900 after it was found to have failed to supervise its mortgage adviser Ian Sanderson, who has also been banned from the industry.
He was found to have entered false information on mortgage applications and Mortgage Master must now review all cases on which Mr Sanderson handled and inform both clients and lenders of any possible irregularities.
Jonathan Phelan, head of retail enforcement at the FSA, said that the firm's supervision was "seriously below standard".
"It is important that firms' senior management take appropriate steps to prevent their advisers from using their firm to commit financial crime," he added.
The FSA also recently banned north-east mortgage broker Robin Knox after it found that he had exposed over 500 customers to "unsuitable advice".
Mortgage Master from Kilmarnock has been forced to pay £11,900 after it was found to have failed to supervise its mortgage adviser Ian Sanderson, who has also been banned from the industry.
He was found to have entered false information on mortgage applications and Mortgage Master must now review all cases on which Mr Sanderson handled and inform both clients and lenders of any possible irregularities.
Jonathan Phelan, head of retail enforcement at the FSA, said that the firm's supervision was "seriously below standard".
"It is important that firms' senior management take appropriate steps to prevent their advisers from using their firm to commit financial crime," he added.
The FSA also recently banned north-east mortgage broker Robin Knox after it found that he had exposed over 500 customers to "unsuitable advice".