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FSA blitz on self-cert mis-selling will continue, says AMI

The Association of Mortgage Intermediaries expects the stream of Financial Services Authority fines on brokers for mis-selling self-cert mortgages to continue into 2010.

Robert Sinclair, a director of AMI, says the FSA is working through a backlog of cases, some stretching back years.

He says: “These are not new cases and the FSA will take a risk-based approach, dealing with the most significant ones first. We expect this process to continue for the next 12 months.”

Sinclair says the vast majority of brokers being fined are not members of AMI.

Doncaster-based brokerage Mortgages Remortgages is the latest firm to feel the wrath of the regulator for exposing as many as 80 of its customers to the risk of self-cert mortgage mis-selling.

The case arose as a result of an FSA thematic project looking into the selling of self-cert loans.

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