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FSA bans East London mortgage broker

The FSA has banned East London mortgage broker, Tomilola Omolola Ogunmoye, for submitting false and misleading information about her income to four lenders to obtain mortgages.

The regulator says Ogunmoye also failed to co-operate with the FSA by refusing to provide a sample of mortgage client files or deal with the investigators.

Ogunmoye operated as a mortgage adviser in Barking, East London and was a director of various companies including Excel Mortgage Limited, Excel Property Limited and Array Mortgage Solution Limited.

FSA director of enforcement and financial crime Margaret Cole says: “With help from some lenders, we are continuing to focus our enforcement and intelligence activity on mortgage fraud hot spots around the country, including East London.

“Our work on mortgage fraud continues as a priority in our campaign against financial crime. We have banned nearly 70 mortgage brokers over the last three years and we will continue to name and shame mortgage brokers that knowingly giving false and misleading information to prospective lenders.”

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Comments

There are 9 comments at the moment, we would love to hear your opinion too.

  1. FSA library shows Ms Ogunmoye as being banned back in September 22nd?

  2. Another Welsh Broker!

  3. Another Welsh Broker!

  4. well well well another name thats sounds ENGLISH what a suprise

  5. I am so in awe of the clever people at the FSA banning yet another mortgage broker. They must feel so proud of themselves, proving how macho they all are down at Canary Wharfe.

    In no way do I condone fraud and the FSA has a duty to act in such cases, but when are we going to hear about situations that affect many more people than small mortgage brokers and IFA’s. In any event in this case there is no suggestion that she put in fraudulent applications on behalf of customers as the lady appears to have submitted fraudulent mortgage applications only on her own behalf. Anyway if a lender has lost money then they have potential recourse in the law. Presumably the lenders just reported her to the FSA so I don’t see where all the talk of ‘intelligence activity’ comes from. With four ‘fraudulent’ applications on the desk it looks like and open and shut case. Not co-operating with the FSA investigation must have piqued those overpaid investigators. How dare anyone not co-operate, we are the FSA do as we say not as we do. (They told me more than once that they had exemption from the Data Protection and FOI Acts for the information I was seaking, until I called their bluff. Their acceptance of the situation didn’t even approach grudging, let alone elicit any apology for failing to comply with their statutory duty.)

    Complaints to the FOS about brokers and IFA’s pale into insignificance next to complaints about the Banks, despite their having whole departments dedicated to persuading potential complainants that they have no case, or at best little chance of success, should they pursue their claims.

    When are we going to hear that the FSA is acting on behalf of large sections of the public, rather than boasting about how they have banned this or that small fry? They would gain much more credibility if they tried going for the whales and sharks of the business, the top predators.

  6. Yet another English Broker from Londinium banned, ban all English Brokers I say.

    Is that his real name?

    Would it be more expedient to ban all authorised persons with unpronounceable names?

  7. Neil F Liversidge 21st October 2009 at 5:01 pm

    The FSA need to get real. At the height of the mortgage boon we had banks and building societies sending their BDMs round to explain how to fiddle their own systems to get cases through. A packager explained his role to me as being “to make cases look the way banks want them to look even though they know they don’t fit the bill.” When I told them that we didn’t want to knmow and didn’t do bent cases they looked at me like I was stupid and assured me “But that’s what everybody else does.” When will the FSA wake up to the fact that banks were brought down by their own management who sent out their staff to actively sought bent mortgage business and actively encourage clients and brokers to lie on application forms?

  8. What is it with these Nigerians…..or is that a Welsh name?!!

  9. Jennifer Nicholls 21st October 2009 at 7:48 pm

    I personal know someone who was head of risk at a well known bank but would not play the banks game and lie. He took away all the banks branches authority to lend because they were not acting properly. Later he was made redundant like several others.

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