DB fined over mortgage advice

The Financial Services Authority (FSA) has fined DB Mortgages, part of the Deutsche Bank Group, £840,000 for irresponsible lending practices and unfair treatment of customers in arrears. It ordered the firm to pay about £1.5m in compensation to DB Mortgages customers. The FSA said DB Mortgages failed to look at whether there were cheaper deals available for customers seeking self-certified mortgages. It is the first time the FSA has taken such an action.