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Brokers banned in mortgage crackdown

The FSA has banned four mortgage brokers and fined another in the last week as part of its crackdown on mortgage fraud.

South London brokers Rafiu Adisa Akanbi trading as Rafin Adisa Akanbi, Erinma Didi Jordan of Trekfree Associates and Byron Brown of Millbank Consultancy and Millbank Mortgages have been banned for submitting false mortgage applications to lenders.

Belfast mortgage broker Gerard McStravick, trading as Fast Track Mortgage and Finance Consultants, has also been banned for fraudulent mortgage applications.

In addition, the regulator has fined Andrew Jeffreys, trading as Chepstow Financial Services, £10,500 for failing to properly assess the affordability of his clients’ self-certification mortgages.

Head of retail enforcement Jonathan Phelan says: “It is part of a wider FSA effort to tackle mortgage fraud, which includes us working alongside other authorities such as the police and acting on information received from lenders and whistleblowers.”

Perception director Phil Billingham says: “The FSA is acting as it always said it would. It is entirely consistent and predictable and in line with treating customers fairly and stopping poor practice.”

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