Thinc responds to FSA fine

Thinc’s statement says it accepts the findings and regrets failures in its compliance systems resulting in poor record keeping in connection with sub prime mortgages between 1 January 2006 and 30 September 2007.

The company is implementing a comprehensive remedial plan addressing record-keeping processes, adviser training and vetting procedures for non-prime mortgages. Further changes will be made as the company continues to review and improve its processes on an ongoing basis.

John Simmonds, chief executive of Thinc, said, "We sincerely regret the shortcomings that have been identified with regard to record keeping processes relating to a small number of sub-prime mortgages. We are continuing a comprehensive review of our systems to ensure that these are improved. While I believe that the industry as a whole faces the challenge of raising standards, Thinc is a strong company and is well placed to achieve this."