The FCA has banned and fined a sole trader £63,000 for arranging mortgages without professional indemnity insurance and after his regulatory permissions had been removed.
Between May 2010 and August 2011 Essex-based sole trader Christopher Riches arranged at least 97 mortgages without holding PI cover, earning around £40,000 in fees.
The FSA first discovered Riches did not have PI cover in December 2009, and in January 2010 Riches agreed to stop performing regulated activities and had his regulatory permission removed.
FCA head of retail enforcement Bill Sillett says: “This case highlights the importance of being honest with the regulator.
“Because of Riches’ lack of honesty and integrity, and the inherent risk he poses to consumers and confidence in the financial system, we are banning him from performing any regulated activity.”