Excellent news. Another property-related rogue off the market.

He was doing Sale & Rent Backs, which are now illegal, but his “failings” were much broader.

http://www.bridgingandcommercialdistributor.co.uk/newsstory?id=633&type=newsfeature&title=fca_issues_record_fine_to_mortgage_adviser

Maybe the FCA is showing it has teeth as the successor to the ineffective FSA. However in my recent dealings with them when I wanted them to confirm in writing what they had told me on the phone (ie that my creatively constructed financing didnt breach any of their rules) their answer was that “they can only refer me to their handbook”, and that I needed to speak to the OFT as they dont yet have responsibility for the Consumer Credit Act. They did refer me to relevant pages in their handbook but their wordings are ambiguous. The OFT simply referred me to their website which is incomprehensible. I had to find another solicitor who specialised in banking & financial laws.

So, personally I suspect the FCA will make loud noises, but in reality continue to be a less than effective bureaucracy. Nevertheless if they can at least start taking out some of these rogues then its good progress.

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