Central Bank bans couple from trading for 3½ years

A COUPLE in Mullingar, Co Westmeath, have been disqualified from managing a regulated financial services business for 3½ years by the Central Bank.

The regulator took the action against Frank and Patricia Clinton after finding they had breached 11 requirements contained in the Consumer Protection Code and the Consumer Credit Act, 1995.

Ms Clinton traded as Innovative Mortgage Service and Mr Clinton was involved in the management of the firm. The firm ceased business as a mortgage intermediary in August after the breaches were noted during what the Central Bank yesterday described as a “targeted inspection”.

Among other findings, the inquiry decided the firm and Mr Clinton acted as mortgage intermediaries while failing to act with due skill, care and diligence in the best interests of their customers.

It also found they failed to provide consumers with details of all charges. It was also found that they failed to have a proper complaints procedure, failed to provide customers with a terms of business schedule before providing a service, failed to gather and record sufficient data about a customer appropriate to the complexity of the service sought and failed to have adequate systems in place to ensure compliance with the Consumer Protection Code.