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FSA freezes assets of NI broker

The Financial Services Authority has frozen the assets of a broker from Noel Heaney, a broker from Northern Ireland, for serious systems and controls failures.

During an FSA visit to his firm Heaney Finance in Lisburn, County Antrim it became apparent that customers had not been recommended suitable mortgage contracts.

The FSA asked Heaney to take remedial action and required him to appoint a skilled person to conduct a past business review, with a view to establishing whether consumers had experienced any detriment.

But Heaney told the FSA he did not have the financial resources to meet the cost of a past business review, but did not provide the FSA with evidence of his assets and liabilities.

The FSA has imposed the asset requirement order on Mr Heaney with a view to securing funds to protect his customers.

Jonathan Phelan, head of retail enforcement at the FSA, says: “Taking this action and publicising it will help financial institutions to identify if they may be holding any of Heaney’s assets, and take appropriate action.

“Such assets would be used to establish the extent of any consumer detriment and pay redress if necessary.”

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