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FSA bans East London mortgage broker

The Financial Services Authority has banned an East London broker for fraudulent mortgage applications.

Tower Hamlets based mortgage adviser Zia Chowdhury has been banned for certifying client identities for fraudulent mortgage applications. He also operated his firm Express Financial without being approved by the FSA as required.

The watchdog found that Chowdhury certified client identity documents accompanying five fraudulent mortgage applications as true copies of the originals without seeing the original documents or meeting the clients.

He also submitted the mortgage applications where the FSA says he must have suspected that false information might have been used or that the individuals who referred the applications might be involved in mortgage fraud.

FSA head of retail enforcement Jonathan Phelan says: “Chowdhury’s actions posed a serious risk to lenders. Our crackdown on mortgage fraud is gathering pace – we have banned more than 40 mortgage brokers over the last two years, and we will continue to ban people who become involved in mortgage fraud, in order to stamp out this behaviour.”

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