A MORTGAGE broker has been banned from trading after failing to prove she was giving sound financial advice.

Antoinette Davis, 62, who traded as Ability Mortgage Solutions from an office in London Road, Westcliff, was found to be unfit to run a mortgage brokerage and can no longer trade.

She acknowledged the letters sent to clients documenting why a mortgage recommendation was suitable were generic and not tailored to the specific needs of the individual.

Davis had previously been an adviser at another firm, but when its proprietor was made bankrupt, she set up Ability Mortgage Solutions as a sole trader, but continued working with her previous employer’s client base.

The Financial Services Authority concluded Davis failed to establish appropriate systems and controls and take reasonable care to ensure suitable advice given. She also failed to prove she was providing sound mortgage recommendations.

Davis employed a compliance consultant to make sure she was following guidelines, but when areas of serious concern were identified, she failed to act on the recommendations promptly.

The authority also found she did not ensure sufficient information was obtained from customers before recommending a product, which meant some were offered unsuitable advice or even sold inappropriate mortgages.

Tom Spender, head of retail enforcement at the FSA, said: “Being an authorised person requires a responsible and competent approach.

“Davis lacked both of these qualities, which is why we have banned her and cancelled her authorised status.

“By failing to put suitable systems and controls in place, such as effective compliance monitoring and staff training, Davis demonstrated a lack of competence and capability, proving she is not fit to perform a role of significant influence at an authorised firm.”

The FSA has banned over 70 mortgage brokers in the last three years.