Director fined by FSA for system failings
30 April 2010 at 16:37
The director of a south London-based company has been fined £17,500 by the Financial Services Authority (FSA) for systems and controls failings.
Noel Smith, a director of Andrew Copeland Mortgages Limited, was ordered to pay the penalty for failing to observe FSA compliance and exposing his business to the risk of being used to further financial crime.
Mr Smith has also had his FSA approval to perform management functions withdrawn as a result, the regulator confirmed.
It follows an investigation by the FSA which concluded that Mr Smith's "poor management controls and compliance monitoring" led to 224 customers being exposed to the risk of receiving unsuitable advice and left the firm open to abuse by mortgage fraudsters.
The regulator commented: "Mr Smith also failed to oversee remedial actions outlined by the FSA to address potential poor advice given to customers. In files reviewed by the FSA there was no evidence to show that affordability had been suitably assessed."