Second firm fined by FSA

Two more mortgage brokers have been fined by the Financial Services Authority (FSA) for misselling advice.

The brokers William John Evans and Gary Howes have been handed penalties of £30,000 a piece for a number of failings at their firm, Abbey Mortgage.

In particular, the company had failed to check if their customers had provided accurate information, nor did it ensure recommended mortgages were suitable.

Georgina Philippou, head of retail enforcement at the FSA, commented: "Obtaining and clearly recording the right information from customers is not just about process, but is an important step in preventing financial crime."

She added that it was also an important aspect of issuing relevant advice to customers and treating them fairly.

Abbey Mortgage is the third group to be fined in a week by the FSA, following Doncaster-based Orchid, which was given a £34,500 penalty for also misselling advice over a two year period.