The FSA has fined Devon-based Mark Joseph Laurenti of Independent Mortgage Advisory Service Limited £14,000 for negligently submitting repeated mortgage applications containing inaccurate customer information.
The FSA has also banned Laurenti from carrying out any significant influence function in the future and cancelled the permission of IMAS.
Laurenti was the director of IMAS and solely responsible for ensuring that all activity at the firm complied with FSA standards.
During its investigation, the FSA found that Laurenti had failed to implement appropriate systems and controls leading to a catalogue of errors.
These included submitting multiple mortgage applications for eight customers containing inconsistent personal and financial information and failing to gather adequate information about his customers in order to make informed decisions about their mortgage needs.
Laurenti failed to recommend mortgages to customers without first assessing their affordability and failed to maintain up-to-date customer records, leading to the submission of mortgage applications containing inaccurate information.
The FSA also found that Laurenti had a residential mortgage on a property in Liverpool, rented it out for two years, but did not submit “a consent to let” application form seeking permission to do so from his mortgage lender.
The FSA says as a professional mortgage intermediary, Laurenti should have known to submit an application to the lender.
It adds that all these failings arose from Laurenti’s lack of competence and capability.
Laurenti agreed to settle at an early stage of the FSA’s investigation and therefore qualified for a 30 per cent discount, which brought his penalty down from £20,000
In an unrelated cased, the FSA has also banned Mukhtar Khan, a Blackburn-based insurance broker trading as United Finance and Insurance Services, for not being fit and proper on competence and capability grounds.