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Lender Fined For Exposing Customers To Risk |
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(26th September 2008)
GE Money Home Lending has been fined by the Financial Services Authority FSA for putting customers at risk.
On top of a £1.12 million fine, GE Money Home Lending repaid a total of £7.04 million to more than 5,000 customers – many of whom were poorer sub-prime borrowers.
The customer refunds from the financial services firm were on both regulated and non-regulated mortgage contracts.
It received a 30 per cent reduction in the penalty imposed by the FSA after settling the dispute early.
Margaret Cole, FSA director of enforcement, said: "The firm's failings were serious because a large number of borrowers, including some with impaired or non-standard credit profiles, were put at risk of financial loss."
In related news, GE's financial services arm is expected to earn the company $2 billion £1 billion this year.
The group said its profits will be $20 billion less than they were in the 2007.
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