View more on these topics

FCA bans two brokers over fraudulent mortgage applications

FCA logo original size

The Financial Conduct Authority has banned two former directors of a Glasgow-based mortgage brokerage for submitting fraudulent mortgage applications.

Douglas Jones and his son Derek Jones, of Which Mortgage, have been banned after the regulator found they failed to ensure the firm had appropriate controls when submitting mortgage applications.

Douglas Jones has also been fined £13,300 after the FCA found he acted dishonestly by altering client files after a lender raised concerns.

Douglas Jones has received a full ban while Derek Jones has been banned from performing any senior role in regulated financial services. Derek Jones would have been fined but provided evidence of serious financial hardship. 

The FCA says the lack of controls meant the brokerage was used by clients to facilitate financial crime by submitting fake payslips to high street lenders.

FCA acting head of retail enforcement Bill Sillett says: “Mortgage fraud poses a serious threat to the FCA’s integrity objective of protecting and enhancing the integrity of the financial system.

“This includes ensuring a firm is not being used for a purpose connected with financial crime.”

Chartwell Funding managing director Robert Winfield says: “Covering up your tracks is almost twice as bad doing the crime in the first place. Mortgage brokers do not want people like this in our industry, so it is good to see they are being caught and being thrown out by the FCA.”


Architas creates two new roles in advice push

Architas has created two new roles as it seeks to grow its risk-profiled fund offering through advisers. Philippe Broadhead has been hired as head of institutional and wholesale distribution and Daniel Haylett as an intermediary business development manager. Broadhead joins Architas from the asset management arm of Union Bancaire Privee, a Swiss private bank where he was head […]


Which? urges Bank of Ireland mortgage customers to lodge complaints about rate hike

Consumer protection group Which? has hit out against the Bank of Ireland’s tracker rate hike and is offering a free online tool to encourage those affected to complain. In February, the bank informed 13,500 buy-to-let and residential customers of plans to more than double the base rate differential it charges them. Which? is encouraging customers […]

Fund Focus: IMA reforms of absolute return funds should provide clarity

In recent years, the absolute returns sector has come in for sustained criticism from investors and intermediaries over the way the funds have been marketed. The description of the sector had come in for criticism, in particular, due to the possibility that investors could confuse the investment aims of funds within the sector with a […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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