TMC slapped with three-week HBOS ban
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One source close to the buy-to-let specialist brokerage alleges that some consultants from TMC had been falsifying valuation reports.
The source says: "It is a bad sign for the industry as a whole that individuals felt forced to do something like this.
"The actions of these sales-people jeopardised business for all concerned."
Lynsey Sweales, director of TMC, says problems first came to light on September 29 and that subsequent investigations traced them back to its High Wycombe branch.
Three consultants were involved, one of which has left the company. The other two employees were suspended during the investigation and TMC has now terminated its agreement with the branch. The office is no longer trading.
Sweales would not disclose the number of affected clients but says a small number of applications wereinvolved.
The suspension of business between HBOS and TMC came into effect on October 6 and was in place for three weeks. The temporary ban was lifted today.
Sweales says: "We have carried out a thorough investigation on cases processed by the High Wycombe office and have also initiated a review of cases handled by our satellite offices.
"This is an isolated case and HBOS is clearly happy to continue working with us."
A spokeswoman for HBOS says: "We cannot comment on individual business relationships."
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