Essex mortgage broker banned

Monday, 30 November 2009 02:33

A mortgage broker from Essex has been struck off for providing unsuitable advice to customers, the FSA announced today.

Antoinette Davis, who headed Ability Mortgage Solutions in Westcliff-on-Sea, has been banned after she failed to prove she was providing sound mortgage advice and did not meet FSA standards.

Following an inquiry by the FSA Ms Davis admitted she had sent generic letters to customers explaining why certain mortgages were suitable for them, but these were not tailored to those clients' individual needs.

Tom Spender, FSA head of retail enforcement, said: "By failing to put suitable systems and controls in place, such as effective compliance monitoring and staff training, Davis demonstrated a lack of competence and capability, proving she is not fit to perform a role of significant influence at an authorised firm."

Davis had previously worked as an adviser at another firm, which went bankrupt. She then set up Ability Mortgage Solutions and took on her previous boss's clients.

She employed a compliance consultant, who raised concerns, but Davis failed to act upon them.

Mr Spender added: "Being an authorised person requires a responsible and competent approach. Davis lacked both these quality which is why we have banned her and cancelled her authorised status."

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