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8 September 2011

Sub-prime lender Swift fined

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by Gill Montia

Sub-prime lender Swift fined

The Financial Services Authority has fined Essex-based mortgage lender Swift 1st Limited £630,000 for unfair treatment of some customers facing mortgage arrears.

The firm has also been ordered to provide redress to customers in arrears who were forced to pay excessive fees and charges, and customers who redeemed mortgages early on balances that had been miscalculated in Swift’s favour.

The serious failings took place between June 2007 and July 2009 and will cost the company around £2.35 million to rectify, in addition to the FSA fine.

The regulator also noted that because Swift specialises in the sub-prime sector, a number of customers who already had an adverse credit status were put at further risk of financial detriment.

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