View more on these topics

Banned mortgage broker guilty on 10 counts of fraud

Justice-Fine-Ban-Court-Gavel-Judge-700x450.jpg

A mortgage broker has pleaded guilty to 10 counts of giving unauthorised advice and seven counts of fraud.

At Maidstone Crown court today Michael Joseph James Lewis admitted he continued to give mortgage advice despite being banned by the Financial Conduct Authority on 9 August 2011.

<!–

–>

He also admitted submitting false employment details for two clients in order to inflate their income.

The FSA initially fined Lewis £106.499 and banned him for submitting false and misleading information to lenders on mortgage applications.

<!–
<!–

–>
–>

The 65 year old was originally arrested on 24 October 2012 in a joint operation between the FCA and Kent Police and charged by the FCA on 7 February 2013.

Lewis operated as The Lewis Partnership or The Medway Partnership from premises in Gillingham, Kent and at the time of his arrest was working at Lovetts Property Services, estate agents in Broadstairs, Kent.

FCA director of enforcement and financial crime Tracey McDermott says: “We banned Lewis because of the risk he posed to consumers and the markets. Where someone flouts such a ban we will have no hesitation about taking the strongest possible action against them. People should be in no doubt that we mean business.” 

Lewis will be sentenced on 12 July and his Honour Judge Byers said today all sentencing options remained open.

Recommended

20

George Galloway calls on MPs to back Arch cru EDM

MP George Galloway has tabled an early day motion calling on the Financial Conduct Authority and Capita Financial Managers to accept responsibility for the collapse of the Arch cru fund range and to pay full investor compensation. Galloway, Respect Party MP for Bradford West, has been working with trade body IFA Centre to highlight awareness […]

ABI reveals scale of pension shopping around challenge

The Association of British Insurers has published research of consumer annuity buying patterns which shows 91 per cent of annuity purchasers were aware of the option to shop around, but only 63 per cent considered switching provider. The ABI has commissioned Optimisa, an independent research organisation, to carry out an in-depth study of annuity buying behaviour […]

NAPF appoints Tesco’s Ruston Smith as chairman

The National Association of Pension Funds has appointed Tesco group pensions and insurable risk director Ruston Smith as chairman. Smith will replace Mark Hyde Harrison in the role when his two-year tenure comes to an end at the NAPF annual general meeting on 18 October. Smith has held a non-executive role at the NAPF since […]

MSCI relegates Greece to emerging market status

Leading index builder MSCI has relegated Greece from a developed market to an emerging market in its latest review. In its annual classification review, the group decided to list the MSCI Greece Index as an emerging market as the country fails to qualify on several market accessibility criteria needed to be a developed market. “The […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Yet, not 1 banker has been arrested over the LIBOR fixing. Go figure!!!

  2. Doesn’t the law state that be maximum penalty for unauthorised advice is two years in prison and unlimited fines.

    If this was a serious case then shouldn’t there have been a custodial sentence to go along with the fine.

    Wonder how many other financial advisers & mortgage broker that have deregister will start to realise the game is up.

  3. This story is confusing. 1. Mortgage advisers don’t have to be individual regulated or qualified. 2. A firm providing mortgage advice has to be registered. 3. To accept applications on an advisory business,the firm is usually asked to prove to the lender or packager that the firm is authorised and depending on what business is being submitted (I.e. b2l or 2nd charge) that they have a ccl, so how was business being submitted?

    There is more to this story than meets the eye….

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