The Financial Conduct Authority has secured a High Court order of £4mn against an unauthorised mortgage broker and its associates who “exploited” vulnerable customers.

The order was issued against London Property Investments (U.K) Limited and NPI Holdings Limited which the FCA accused of arranging mortgages and buying properties and renting them back to sellers both without authorisation from the authority.

Daniel Stevens, the director of LPI and NPI, and his father, Tony Stevens, were also found liable.

FCA executive director of enforcement and market oversight, Steve Smart, said: “These sham brokers preyed on vulnerable people who were struggling financially and trapped them with exorbitant fees.

“The defendants used a smokescreen of deception which cost consumers and lenders dearly.

“This was a complex case, but the ruling shows that these were serious breaches of our rules.



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