FSA probes Swift mortgage firm

MORTGAGE company Swift Advances has been under investigation by City watchdog the FSA since July 2009, the firm revealed in recent accounts.

The public company said the group is likely to incur £9.4m of costs linked to the probe into its handling of mortgage arrears and lending practices, including a potential fine.

The Office of Fair Trading is also investigating the company under the Consumer Credit Act 1974.

The lender, which deals with customers unable to secure credit elsewhere, turned over £128m in the year to 31 March, its accounts noted – £108m of which was used to repay debts and meet interest costs.

Swift Advances made a pre-tax profit of £9.4m for the year.