GMAC-RFC has two week deadline to pay FSA £2.8m
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GMC-RFC, which has just been hit with a £2.8m fine for failures over its arrears management, has just two weeks to settle the fine with the Financial Services Authority.
The lender has been told by the FSA that the £2.8m financial penalty must be paid in full by no later than November 11.
The deadline is 14 days from when GMAC-RFC was formally notified of the FSA’s decision yesterday.
The regulator says that if all or any of the fine is still outstanding on November 12, it may recover whatever amount is left owing directly from the lender.
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Readers' comments (1)
Anonymous | 16 Nov 2009 7:11 pm
Whilst I am all for the FSA playing the hard man after the Horse has bolted I wonder if they have ever considered fining themselves for their woeful inadequacies in regulating the mortgage market whilst under their watch ?.
Silly me they are judge, jury and executions aren't they ?.
Everyone else is to blame, the lenders and the mortgage brokers aren't they ?.
They hold all the power and are totally unanswerable to anyone as to their actions and failings.
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