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Broker must pay £66k for advice negligence

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  • 05/09/2002
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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.’


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