FSA fines mortgage lender £1m

Losses & Lawsuits

LONDON - UK regulator the Financial Services Authority (FSA) has fined mortgage lender GE Money Home Lending £1.12 million for exposing customers to losses due to mismanagement and a lack of business controls and monitoring systems. The FSA's action marks another enforcement of its increasingly tough Treating Customers Fairly (TCF) regime.

GE Money allowed 684 borrowers with regulated mortgage contracts to accrue financial losses of more than £2.3 million before redressing the losses.

The FSA said the failings were especially grave because the customers included those with poor credit ratings. Furthermore, although the firm had recognised the failings in 2004, it took two years before corrective action was taken.

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here