You are here: Home - News -

Broker must pay £66k for advice negligence

  • 05/09/2002
  • 0
The Mortgage Code Arbitration Scheme has ordered a mortgage broker to pay a record £66,300 for faili...

The Mortgage Code Arbitration Scheme has ordered a mortgage broker to pay a record £66,300 for failing to give suitable advice.

The broker failed to exercise due care when selling an equity release mortgage, by not ensuring the client was aware of the arrangements made on their behalf and relying on information supplied by a third party.

Luke March, chief executive of the MCCB, said: ‘Consumers must be fully informed and adequately protected when taking out a mortgage. An award of this size demonstrates all practitioners have to take the Mortgage Code very seriously.’


There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.

Read previous post:
Flexible deals help 25% of borrowers overpay

A quarter of those with flexible mortgages are either overpaying by 100%, or adding lump sums to red...