FSA fines broker £10,500 for self-cert errors

Andrew Jeffreys – trading as Chepstow Financial Services – is said to have relied too heavily on customers’ declarations that they could afford the mortgage contracts. As a result, Jeffreys did not satisfy the FSA that he had assessed the affordability of recommended mortgage contracts. He was also found not to have implemented adequate protection against mortgage fraud. The FSA was also unsatisfied with how Jeffreys carried out the training, supervision and monitoring of advisory staff, in some instances finding failures in disclosing adequately to clients the additional fees payable a...