DB Mortgages fined £840,000 by FSA | Money | guardian.co.uk
The Financial Services Authority (FSA) has fined DB Mortgages, part of the Deutsche Bank Group, £840,000 for irresponsible lending practices and unfair treatment of customers in arrears.
It is the first time the FSA has taken enforcement action against a firm for irresponsible mortgage lending, and it ordered the firm to pay about £1.5m in compensation to DB Mortgages customers.
The FSA said DB Mortgages failed to look at whether there were cheaper deals available for customers seeking self-certified mortgages, failed to show that customers could afford mortgages where the term continued into their retirement, and failed to make sure customers with an interest-only mortgage had thought about where they would live if they had to sell their house to pay off the loan.
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