The Central Bank has disqualified Patricia Clinton, trading as Innovative Mortgage Service, and Frank Clinton, who was also involved with the company, from being a person concerned in the management of a regulated financial service provider for three and a half years.
The Central Bank found the Clintons' business breached some regulatory requirements contained in the consumer production code and the Consumer Credit Act of 1995 .
The 11 breaches were identified by the Central Bank during the course of a targeted inspection. The breaches included failure to act with due skill, care and diligence in the best interests of the firm's customers, failure to gather and record sufficient information from a consumer appropriate to the nature and complexity of the product or service, failure to provide consumers with details of all charges, including third party charges and failure to maintain up-to-date records.
The firm ceased business as a mortgage intermediary in August 2009.
