FSA warns over mortgage brokerage
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The Financial Services Authority is warning investors against dealing with Munir Mughal, trading as Mortgage Bureau (UK) Hayes.
The regulator says the Middlesex based brokerage is not authorised under the Financial Services and Markets Act 2000 to carry on a regulated business, such as deposit taking, advising on and arranging deals in regulated mortgage contracts.
It says if you are an investor, you should be aware that the Financial Ombudsman Services and the Financial Services Compensation Scheme are not available if you deal with an unauthorised company or individual.
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Readers' comments (5)
Jon B | 9 May 2011 1:18 pm
Why don't the FSA just close them down and stop them from trading!
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Norman Sams | 9 May 2011 2:10 pm
How and where have the warnigns been posted? Entries in the 'usual financial' press i.e. like Mortgage Strategy, are unlikely to be read by prospective investors. Also it is unlikely investors will check the FSA online website - so are the 'warnings' a 'get out of jail free' card for the FSA?
These firms should be named and shamed in the national press.
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Anonymous | 9 May 2011 2:36 pm
whats the FSA for?
Close them down if they are that bad - that's what you are for Mr FSA or are you to busy thinking up new hoops for IFAs to jump through?
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Anonymous | 9 May 2011 2:38 pm
Aa per Norman Sams comment - what about TCF, the FSA expects the members to follow TCF, but what about them, have they notified the Public of the dangers of dealing with these type of people?
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Anonymous | 10 May 2011 1:08 pm
How are these people 'able' to trade. Surely they can't submit business without a FSA number?
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