FSA fines lifetime mortgage adviser


The FSA, while conducting thematic work on equity-release advice, found that Minel had inadequate procedures in place to control its equity-release mortgage business and the quality of advice given to customers. It also failed to record enough personal and financial information from customers to give sound advice or justify its recommendations. In addition, although lifetime mortgages are a higher risk product, Minel had not provided specific training and competence procedures or taken steps to effectively monitor staff competence. The FSA says it remains concerned about higher risk products, and warns firms must have appropriate systems and controls in place, or they will be held to account should they fail to treat their customers fairly.

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