CliveH Posted June 20, 2013 Share Posted June 20, 2013 I think this is the largest fine ever applied by the regulator to a Sole Trader mortgage broker. (and yes Frank - this was sent to me as a round robin by one of our techies!! ) ............................... The Financial Conduct Authority (FCA) has banned and issued largest ever fine of nearly £1m on a retail sole trader for sale and rent back failings. Sole trader Gurpreet Singh Chadda has been fined £945,277 and banned from working in the financial services industry. The FCA has found him guilty of significant failings when conducting sale and rent back agreements. Birmingham-based Chadda was based in Birmingham, trading under the names Red2Black Homes and B&L Homes. The FCA investigated his involvement in seven sale and rent back transactions between June 2009 and January 2010 and found serious failings in all of them. ................................... Most Equity Release, Sale and rent back schemes are rip off's Be warned! :-S Link to comment Share on other sites More sharing options...
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