View more on these topics

FSA bans broker for fraudulent mortgage applications

The FSA has banned Wakefield-based mortgage adviser Mohammed Ahmed for submitting mortgage applications that were supported by false payslips.

The FSA found that Ahmed submitted three mortgage applications containing false information about his personal and financial circumstances. The applications were supported by the submission of false P60 forms and payslips.

He also failed to disclose the true extent of his property holdings when applying for a mortgage and while working for The Mortgage Exchange, was knowingly concerned in the submission of false mortgage applications on behalf of eight customers.

FSA head of retail enforcement Jonathan Phelan says: “Mr Ahmed lacks honesty and integrity in relation to his own personal financial dealings. His actions were serious and blatant.

“As this case demonstrates, our crackdown on mortgage fraud includes paying attention to the work of individual mortgage advisers and introducers as well as to approved persons and authorised firms. We banned over 20 mortgage brokers last year, and we will continue to make examples of people who commit mortgage fraud and who help others to commit mortgage fraud, in order to change behaviour.”

Recommended

RBS reveals £24bn UK record losses

RBS has revealed a UK record corporate loss of £24.1bn and announced it is to put £325bn of toxic assets into the Government’s Asset Guarantee Scheme.

Hugh Doxat-Pratt

Alpha Financial Consultants director Hugh Doxat-Pratt is feeling upbeat about the future, having just been awarded certified and chartered financial planner status.

Bank drops rate to 0.5%, set to print £75bn

The Bank of England has reduced the Base Rate by 0.5 per cent to a record low just 0.5 per cent as it reveals it will begin printing £75bn in new money.

A modern horror story

Every day a quick scan of the news reveals some new horror that will change the lives of those involved forever – the unlucky accident on the way to work, a tragic illness that cuts a young life short or the holiday accident that leaves more than just a scar to cope with. We barely […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment