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Broker banned for false income claims on loan

The FSA has banned Hornchurch mortgage broker Abdul Karim for submitting a mortgage application for himself that was based on false information about his income.

Karim applied for a mortgage of £480,000, telling the lender that his annual income was more than £100,000 while at the same time declaring an annual income to HM Revenue & Customs of £30,000.

As the £480,000 loan applied for was 16 times his declared income, the FSA found he must have known the application would not meet any lending criteria. It says it therefore seemed highly likely that he knowingly declared a false income of more than £100,000 as the only way to get a loan of that scale.

The FSA has also cancelled the permission of Karim’s firm Monopoly@States Limited.

FSA enforcement director Margaret Cole says: “We have banned over 50 brokers in the last three years.”

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