The FSA said that Selby, trading as Selby Associates, failed to respond adequately to repeated requests for copies of client files and information regarding mortgage applications which were declined or cancelled by a lender.
The regulator said in a warning notice to the broker that Selby had not been open and co-operative in dealing with the FSA by failing to respond adequately to the FSA's repeated requests for information and copies of client files.
Tom Spender, the FSA’s head of retail enforcement, said Selby “simply wasn’t open and cooperative with his regulator” and therefore “posed a risk to consumers and lenders”. He said: “Big or small, we will continue to take action against businesses that breach our rules to ensure the mortgage market is a safer place for anybody that engages with it.”
