The FSA has banned five mortgage intermediaries and has fined one of them £104,000, bringing the total number of mortgage intermediaries banned since December 2006 to 101.
Mark Thorogood, trading as Property Park Mortgages in North Wales, was fined £104,294 and banned for working in financial services after the FSA found he had knowingly submitted fraudulent mortgage applications for himself and his wife, inflating both of their incomes.
Thorogood also submitted two mortgage applications containing fraudulent information on behalf of a family member. He also failed to maintain an adequate documented system to monitor the firm.
Darren Button, a former adviser at the firm, was banned for deliberately entering false income and employment information when submitting mortgage applications, covering one customer’s true income with correction fluid as he knew the application would be rejected.
Daniel Djaba, trading as DPD Consultancy Services, has been banned from holding a position of “significant influence” in regulated financial services. He failed to have appropriate systems and controls in place at DPD, and therefore failed to prevent the firm being used to commit mortgage fraud.
Specifically, Djaba failed to ensure that one of his advisors was properly monitored, effectively allowing the adviser to submit an inaccurate mortgage application for himself.
The FSA has prohibited Adeolu Adeosun, a former adviser at DPD, for knowingly submitting fraudulent mortgage applications for himself and intentionally misleading the FSA during an interview.
The FSA has also banned Waheed Hanif, a sole trader at The Broker Group, for acting “dishonestly and lacking integrity”.
Of the 101 individuals banned since 2006, 95 were prohibited for failings in relation to mortgage fraud. Many of the 101 were also fined, with total fines amounting to £2.5m.
FSA managing director of enforcement and financial crime Margaret Cole (pictured) says: “Mortgage intermediaries must adhere to our rules to ensure that consumers are treated fairly and protected from excessive risk, and reduces the possibility that lenders are exposed to fraud.”