View more on these topics

FSA bans and fines fraudulent mortgage broker £100,000

The Financial Services Authority has banned a mortgage broker and fined him £100,000 for submitting false mortgage applications.

Oasis Mortgage and Financial Services Limited sole controller Omotayo Fawole was an FSA approved broker based in Woolwich, south east London.

The FSA found that Fawole obtained a mortgage after submitting an application which significantly overstated the profits of Oasis and his own earnings. He also submitted a mortgage application for an Oasis employee which again, significantly overstated earnings.

The watchdog says the six figure fine is aimed at deterring approved brokers from becoming involved in mortgage fraud. The FSA has also cancelled the permission of Oasis Mortgages.

FSA director of enforcement Margaret Cole says: “Mr Fawole’s actions were serious and blatant, and he poses an immediate risk to lenders. We have banned a number of mortgage brokers and others this year in connection with mortgage fraud and we will continue to make examples of people who commit mortgage fraud until behaviour changes.

“Perpetrators of fraud will increasingly find themselves facing bans and significant fines, as well as action by the police or other agencies aimed at confiscation of assets.”

Recommended

Listen to Ritchie on MM podcast

Money Marketing has launched a podcast service on its website featuring a three-part interview with outgoing Aegon pensions development director Stewart Ritchie. It can be found at www.money marketing.co.uk/podcast

Nucleus wrap

Money Marketing stated last week that Norwich Union provides back-office support to the Nucleus wrap. We are happy to clarify that Nucleus’ back-office support is provided by Scottish Friendly, the firm that Norwich Union has agreed to outsource its wrap proposition to.

Frexit & contagion risk in Europe

Many commentators have suggested that the UK’s exit from the European Union will trigger a domino effect, leading to its eventual break-up. Neptune’s Rob Burnett discusses the likelihood of this happening. Read more: Important information Investment risks Neptune funds may have a high historic volatility rating and past performance is not a guide for future […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    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