The watchdog has also revealed that 1st Point director Gabriel Aramide, based in Romford, has also been censured for concealing a fraud conviction when applying to the FSA for approval as a director.
The FSA says Aramide failed to co-operate with its investigation into circumstances suggesting his knowing involvement in mortgage fraud for himself and for a number of 1st Point customers. He also obtained a £255,000 mortgage for himself through 1st Point, which was based on false and misleading information.
FSA director of enforcement Margaret Cole says: “Aramide’s actions were blatant and he poses a serious risk to lenders. His concealment of his criminal record showed a lack of honesty and integrity on his part and the FSA will seek to prevent people like him from obtained individual approval on a false basis by deliberately concealing his previous involvement in fraud and his criminal record.”
The FSA has now banned around 35 brokers in the last two years and have levied a number of large fines in response.
Cole adds: “Perpetrators of fraud will increasingly find themselves facing bans and significant fines as we continue our work in this area.”