Qualified advisers answering your
Financial Questions
call 0800 092 1245

Kensington Mortgages hit by FSA fine

Kensington Mortgages, one of the U.K.'s leading sub-prime mortgage lenders, has today been hit with a fine of just over £1.2 million by the Financial Services Authority (FSA). This goes back to an earlier FSA investigation into the company's handling of customers in arrears and the ruling that three different types of fees charged against those in arrears were unfair or excessive. The company has not only been fined £1.2 million but it has also been ordered to pay back £1.1 million in excessive fees to those customers who were in arrears.

This is the latest in a long line of fines introduced by the FSA at a time when UK consumers are becoming more and more concerned about the financial sector. The very fact that Kensington Mortgages looked to increase fees for those in arrears was something which caught the attention of MPs who were highly critical of the move. At a time when the UK government is encouraging mortgage lenders to help those in arrears, rather than charge them additional fees, it's refreshing to see the FSA step in and make a bold move.

There will no doubt be further fines introduced to the UK mortgage market in the weeks and months ahead were concerns have built up in recent years.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details