The Financial Services Authority has fined Essex-based mortgage lender Swift 1st Limited £630,000 for unfair treatment of some customers facing mortgage arrears. The firm has also been ordered to provide redress to customers in arrears who were forced to pay excessive fees and charges, and customers who redeemed mortgages early on balances that had been [...]
fined
UK first: mortgage firm fined for irresponsible lending
In the first case of its kind, the Financial Services Authority (FSA) has fined DB Mortgages for irresponsible lending practices and unfair treatment of customers in arrears.
The firm is part of the Deutsche Bank Group and in addition to paying an £840,000 penalty is facing a bill of around £1.5 million in compensation to borrowers.
DB’s [...]
