FSA fines GE Money £1.12 million

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FSA fines GE Money £1.12 million

Mortgage lender GE Money Home Lending has been fined £1.12 million by the Financial Services Authority (FSA) for overcharging hundreds of sub-prime borrowers.

The Times reports that the overcharging totalled £2.3 million.

Originally the fine was £1.6 million but was reduced because GE Money agreed to settle early on in the investigation.

According to the Times, it is the first time a mortgage lender has been fined by the FSA since it began monitoring home loans in 2004.

The FSA said GE Money had often not paid customers when around £3,000 was withheld from the mortgage advance due to a clause in their contracts.

It should have given them the money after six months.

Some customers never received it even when the loan was fully paid off.

The money has now been repaid but the problem, initially highlighted four years ago, was not addressed until 2006.

GE Money has apologised.

According to GE Money's website, it has assets of around £70 billion and operates in more than 47 countries globally.

It employs more than 4,000 staff in Britain and provides financial services to more than ten million customers in the UK.

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