View more on these topics

19th broker ban in FSA’s mortgage fraud fight

The FSA has pledged to intensify its crackdown on mortgage fraud after handing out a £100,000 fine and banning two advisers, bringing the total banned this year to 19.

It slapped a £100,000 fine on Oasis Mortgage and Financial Services sole controller Omotayo Fawole and banned him for using false information to apply for mortgages. Fawole is the second broker to be hit with a six-figure fine this year. In July, the FSA fined a broker £129,000 for similar actions.

Doncaster mortgage broker Ian James has also been banned after applying for a personal loan supported by a falsified pay slip and making a claim to the bank which overstated his income. His company secretary wife has also been banned.

FSA director of enforcement Margaret Cole says: “Perpetrators of fraud will increasingly find themselves facing bans and significant fines, as well as action by the police or other agencies aimed at confiscation of assets.”

Fawole, who was based in Woolwich, South-east London, obtained a mortgage after submitting an application which significantly overstated the profits of Oasis and his own earnings. He also submitted a mortgage application for an Oasis employee which again significantly overstated earnings.

Recommended

Friends weathers storm

Friends Provident says it is determined to ride out the economic turmoil despite profits falling by 20 per cent in the first half of this year.

Five ways to invest in the connected world

Smart utility metering; fitness trackers; connected cars; smart factories; precision agriculture: the internet of things encompasses myriad applications. But how do you gain exposure – and profit – from this growing trend, asks Neptune fund manager & CTO Ali Unwin. Read more: Important information Investment risks Neptune funds may have a high historic volatility rating […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com