Cheshire Mortgage Corporation responds to FSA fine

The lender said: “Cheshire Mortgage Corporation Limited has reached agreement with the Financial Services Authority in relation to a number of historical issues. Such issues pre-date a comprehensive review of the firm’s procedures and corporate governance standards and relate to a period of time up to the end of 2009.

“The FSA has acknowledged that the firm, CEO and fellow directors have worked proactively with the regulator to bring this matter to a conclusion. CMCL is the sixth firm to reach a resolution with the FSA for similar matters.

“Since 2008 we have made significant changes to our policies to ensure that they comprehensively adhere to regulatory and market standards and have received independent assurance that this is the case. In addition we have also introduced a robust governance structure aligned to current best practice while making a number of senior appointments to further strengthen the management team.

“We are pleased that the FSA recognised that the matters identified “…have been mitigated to a considerable extent by....positive wide-ranging changes to the organisational, governance and compliance arrangements at CMCL to achieve high regulatory standards and ensure that customers are treated fairly”.

“CMCL’s CEO, Henry Moser, fully cooperated with the FSA investigation and has accepted its findings. The FSA recognised his personal commitment over the past four years to CMCL’s process of improvement.

“Having led the company through this period, Mr Moser now has decided, with the support of the Board, to step down as CEO of CMCL within the next three to six months. He will take up the position of non executive director, where he will continue to help drive organisational change, ensuring that high regulatory standards continue to be maintained. Henry Moser continues as chief executive of the overall group where his leadership, experience and expertise will focus on further developing the business.

“We sincerely apologise to any customers that may have been affected and have been actively contacting those customers to ensure that matters are appropriately addressed in a timely manner.

“We are pleased to have reached resolution with FSA on these matters and look forward to continuing to focus our attention on delivering high standards of service to our customers.”