A large number of mortgage brokers have been told to make substantial changes to misleading adverts that disguise their hidden costs.
The FSA has stepped in to stop companies exploiting the sub-prime mortgages market – which is for people with poor credit records who find it hard to get finance; a sector of the industry that has been growing rapidly in the last few years.
Vernon Everitt, a senior FSA official commented: "We will continue to intervene where this (misleading advertisement) might be the case, including taking further formal disciplinary action.”
“Firms in this sector should be on notice that this is a priority area for us in assessing whether they are genuinely treating their customers fairly.”