FSA fines UK subprime firm, Thinc Group, £900,000
LONDON - The UK Financial Services Authority (FSA) has fined Thinc Group and two of its companies £900,000 for inadequate risk management and compliance systems in its subprime mortgage business. The FSA found that between January 1, 2006 and September 30, 2007 the firm failed to obtain adequate financial information about some of its subprime mortgage customers before giving advice. The firm failed to carry out checks on customers' credit histories and failed to demonstrate that its mortgage
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