FSA mortgage advisor warning

Training to become a mortgage advisor is a huge responsibility as highlighted by the most recent consumer warning from the Financial Services Authority (FSA) yesterday.

The FSA releases around six of these each year and its most recent warning came following an alleged issue with a firm of financial advisors in Kent in relation to mortgage applications.

The warning was aimed at anyone who had taken out a mortgage through the company The Financial Associate in Kent, or was in the middle of taking one out.

The spokesperson for the FSA stated that customers should check that the mortgage loan was the correct amount requested in the original mortgage application, and whether they had received confirmation letters or statements for life insurance they did not recall applying for.

They commented:

“The FSA has reason to believe that Mr Charalambous, the firm’s director and adviser, has on at least one occasion applied for a mortgage on behalf of a client.  The mortgage advance applied for was in excess of the client’s requirements, and the mortgage advance was not paid to the client. At the same time as applying for mortgages for his clients, Mr Charalambous may have applied for life assurance policies without his clients’ knowledge or consent.”

Anyone concerned can contact the FSA helpline on 0845 606 1234.



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