The FSA has banned one mortgage broker and fined two others for sub-prime failings, it announced this morning.
The regulator says Homebuyer Securities Limited (HSL), which has been banned, The Loan Company (TLC), trading as Greenhill Finance, and Next Generation Mortgages Limited (NGM), had failed to meet its expectations during an investigation into the sub-prime market in July. It says all three firms had inadequate mortgage sales and advice procedures that exposed customers to the risk of receiving unsuitable advice. Homebuyer Securities has been prevented from trading by the FSA, while The Loan Company has been fined £31,500. Next Generation Mortgages was fined £10,500. HSL’s ban resulted fro...
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