The FSA banned its owner and director, Simon Latham, and former chief executive, Stuart Mason, from performing significant influence functions in the future. Latham has also been fined £17,500. Fastmoney arranged regulated mortgage contracts, including regulated bridging loans, on a non-advised basis for retail customers. Between August 2005 and March 2010, Fastmoney arranged 370 regulated
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New advisers and ARs were not subject to adequate vetting before being appointed and were not adequately trained or monitored after appointment The Financial Services Authority has fined Julian Harris £49,000 and banned him from performing the CF10 (compliance oversight) function and from acting as a compliance officer. failed to: •perform adequate due diligence on
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FSA’s Regional Assessment Programme and its follow up the Proactive Regulatory Review The Regional Assessment Programme consists of Business Risk Awareness workshops to which all smaller retail firms will be invited to and then a follow up regulatory review (the Proactive Regulatory Review) on the firm. The purpose of the workshops is to give regulated
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The Financial Services Authority (FSA) and the Office of Fair Trading (OFT) have joined forces to help prevent the problems associated with payment protection insurance (PPI) recurring in a new generation of products. The FSA and the OFT are consulting on proposed guidance to firms in relation to payment protection products – which can fall
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It is imperative that a company has robust compliance system in place and we would recommend Mortgage Stream for value for money and as the name suggests it does stream line your business.
Small example of unfair or improper business practices with regards to lead generation and direct marketing include: • Licensees dealing with known non-compliant lead generation businesses. For example, accepting consumer leads obtained from lead generation firms where it is known, or reasonably ought to be known, that they are employing the use of misleading marketing
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Surrey County Council, a simple error Fine of £120,000 imposed by the Information Commissioner’s Office (ICO). The fine is the largest imposed on a single organisation since the ICO was granted its enhanced powers to issue fines in April 2010. The Council was fined for three serious breaches of the Data Protection Act over the
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Website owners have one year to complyFrom 26 May 2011, the Privacy and Electronic Communications Regulations, covering electronic marketing such as emails, faxes and text messages, will change. They include changes to the rules for cookies on websites, and introduce new powers for the Information Commissioner’s Office (ICO) to impose fines and to investigate when
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The change came into effect on April 6th 2011 and had to be fully implemented by July 5th 2011. If you have not done so recently, please make sure your KFIs for clients is compliant. All KFIs should have the following details: Make Sure you can afford your mortgage if your income falls The money
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•Structure & process (All)•Compliance monitoring & support plan (All)•Licences (All)•Agreements (includes due diligence)•Approved persons (FSA only)•ICOB process (FSA only)•MCOB process (FSA only)•Debt management process & procedures (Settlements, Debt Management, IVA’s, Bankruptcy etc)•Client money •Collections process & procedures•T & C scheme and records (Continuous performance development)•Treating Customers Fairly (FSA only but recommend that all should follow
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