FSA should punish all parties involved in fraudulent deals
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Last week the FSA revealed that it had taken action against two brokerages for allowing false and misleading mortgage applications to be made to lenders.
Okay, so the principles at the firms did not have the proper controls in place and they should take the flak.
But the brokers who ran the day-to-day operation must hold some responsibility as they gave the advice and assisted in completing the mortgage applications.
Are they still trading and what sanctions have been placed on them? My bet is that they are trading elsewhere.
The FSA should look closer at what took place and ensure that all concerned are punished.
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