Directors avoid £300,000 fine due to bankruptcy

Michael Worthington and Darren Millington, executive directors and main shareholders of Lifestyle Finance Limited, would have faced a total fine of £300,000 had they not been bankrupted. The pair failed to put in place appropriate sales and compliance procedures, according to the FSA, and did not complete a past business review in a reasonable timeframe. The failure to conduct the past business review meant customers who may have been mis-sold mortgages could to be identified to receive redress. The FSA also found the firm’s compliance department did not have sufficiently experienced and...