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£22 million in fines from FSA over 2008

January 17, 2009 by admin  
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Recently released figures have indicated that over the course of 2008 the Financial Services Authority handed down around £22 million in fines as it continued its crackdown against the mis-selling of payment protection insurance cover and tried to curb rising levels of mortgage related fraud. The UK’s financial regulator has been handing down record fines over the course of the year according to industry officials.

Over the past year the FSA has had to deal with rising levels of mortgage related fraud as well as tackle the ongoing problem of insurance mis-selling, and has handed out some hefty fines to a number of firms and brokers, including a £7 million fine to the Alliance and Leicester, and large fines to other financial institutions such as GE Finance, Beneficial Finance, and Egg. In addition a number of brokers have been fined and even banned for fraudulent activity within the mortgage market.

The FSA has been stating over the course of this year that it is intensifying it crackdown when it comes to mortgage related fraud, particularly given the current problems in the mortgage and financial markets. It has been trying to deal with PPI related issues for some time, although it has recently expressed disappointment that the problems within this sector are not being ironed out as quickly as it had hoped they might.

A number of FSA senior officials have stated that they plan to come down hard on lenders and brokers that refuse to abide by the rules and regulations and continue to mis-sell PPI or commit fraudulent activity in relation to the mortgage market.

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