High pressure sales firm wound up by DTI

The Department of Trade and Industry has taken legal action to wind up Century Mortgages, a brokerage which specialised in high pressure selling of remortgage packages.

The move, "in the public interest", follows a Jobs & Money article in July which exposed how sellers were allowed to advise on home loans without supervision after just "three days' training", largely on how to sell high margin products. Nationwide has a 10-week course.

Century, which claimed an "unbeatable commission structure" advertised heavily in newspapers for agents who were prepared to pay £3,245 plus £980 a year to join the scheme. They may have lost their investment.

The Official Receiver has moved into Century's headquarters.

The Mortgage Code Register of Intermediaries has "temporarily suspended" Century . MCRI chairman Colin Harris says: "The basis for the DTI action is unknown to us. As Century is no longer dealing with consumers, it is of no concern to us."