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Mortgage lender’s FSA scrutiny

PUBLISHED: 10:18 26 March 2009 | UPDATED: 16:24 25 August 2010

HOUSE buyers have been warned that a mortgage lender is under investigation by the Financial Services Authority.

HOUSE buyers have been warned that a mortgage lender is under investigation by the Financial Services Authority.

The watchdog announced that a director of The Financial Associate Ltd, in Halfway Street, Sidcup, had on "at least one occasion" left his clients out of pocket.

An FSA spokesman said: "The FSA has reason to believe that Mr Charalambous has on at least one occasion applied for a mortgage on behalf of a client.

"The mortgage advance applied for was in excess of the client's requirements and the mortgage advance was not paid to the client."

The FSA warned that Mr Charalambous may have also applied life assurance policies without his clients' knowledge or consent. No legal proceedings have been brought against Mr Charalambous.

The Financial Associate Ltd has since closed and the Times was unable to contact Mr Charalambous.

Any customers who took out a mortgage through The Financial Associate Ltd are advised to contact Chris Walmsley at the FSA by calling 020 7066 5894.


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