The UK Financial Services Authority, or FSA, has censured Mortgageland for poor financial promotions, inadequate sales processes, and record-keeping failings.
The FSA considered Mortgageland’s failings to be serious due to the potential impact on its customers, many of whom were recorded as having adverse credit histories or were consolidating debts, or both.
Margaret Cole, director of enforcement at the FSA, said: Taking out a mortgage is one of the most important decisions anyone makes during their life. Poor practice by firms in this area poses a high risk to consumers – and this is particularly the case when it comes to sub-prime mortgages, given the vulnerable nature of the target audience.