The FSA has fined Nottingham mortgage broking firm Gillen Farrelly Independent Advisers £17,500 for failing to ensure it provided suitable advice which exposed over 80 customers to the risk of being sold an unsuitable self-certified mortgage.
The case arose from a number of visits to the firm, including one in August 2007 which was part of an FSA thematic project looking at the sale of self-certified mortgages. The regulator said that between January 2006 and April 2008 the firm failed to make appropriate enquiries about customers' income, expenditure, credit history and debt position, so that it could properly assess the affordability of its recommendations. The FSA also revealed that Gillen Farrelly Independent Advisers failed to record sufficient personal and financial information about customers to demonstrate the suitabilit...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
