UK Money News
15th May 2008
FSA slaps financial advice firm with record fine
A financial advice company has been hit with a record fine after it was found to have kept inadequate records relating to sub-prime mortgages.
The Financial Services Authority (FSA) issued a fine of £900,000 to Thinc Group for failing to provide evidence that it had given good advice to its customers who could have been granted loans they could not afford.
The FSA however stopped short of accusing the company of mis-selling the products.
Margaret Cole, director of enforcement at the FSA, said: "The level of fine shows that we are determined to impose higher fines for serious failings.
"Poor record keeping is a serious failing even where, as in this case, the FSA has not determined that the firm mis-sold sub-prime mortgages and there have been few complaints."
Thinc has expressed its "regrets" over its record keeping failures and has pledged to conduct a review to address them.
The company is being permitted to continue to trade.
back to May's Money News
This article and more Latest Money News can be found on MoneyCrocodile.co.uk
Personal Loans from UKPersonalLoans.com
Personal Secured Loans for Homeowners and Personal Tenant Loans for Non-Homeowners. You can apply online for an Any Purpose Loan or Personal Debt Consolidation Loans or use one of our Loan Calculators.
Debt Advice from ReduceDebt.com
Debt problems? Refused a loan? Got CCJ's or Arrears? Get the best advice and help by enquiring online. Our Debt Professionals will help you whatever debt problems you have. Some of the options available to you are Debt Management, Debt Consolidation, Debt Couselling and IVAs,
UK Personal Finance from MoneyCrocodile.co.uk
UK Online Personal Finance site covering: Loans, Mortgages, Credit Cards, Insurance, Debt Advice, Bankings and Savings, Finance Tools and Money Jargon. We also cover Any Purpose Loans, Secured Loans, Personal Loans, Tenant Loans, Car Loans and Debt Consolidation Loans. If you are looking for Personal Finance let Money Crocodile put a smile on your face.
Car Loans from GBCarLoans.com
Don't just accept the dealers finance - get a quote from us before you buy!. UK Car Loans for New Cars or Used Cars: Supermini, Small, Hatchback, Saloon, Estate, MPV, 4x4, Sports, Luxury, Executive, Cabriolet or Classic Car.
Tenant Loans from TenantLoan.com
If you're looking for a low cost tenant loan, then look no further. We aim to find you a highly competitive interest rate and you can borrow anything from £5,000 and £250,000 with up to 25 years to pay.
