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FSA bans mortgage broker

The FSA has banned South London mortgage broker Isah Attayi Mohammed for submitting fraudulent mortgage applications.

The regulator says Mohammed, the principal of Initial Financial Services Limited, entered false information on mortgage application forms and submitted false mortgage applications to lenders.

It says Mohammed included inflated income statements, inaccurate employment details and false sets of accounts in mortgage applications for himself and for IFS clients.

Mohammed posed a risk to lenders and therefore to confidence in the financial system and the FSA has prohibited him from performing any regulated activity.

Head of retail enforcement Jonathan Phelan says the FSA is continuing to find mortgage brokers making false declarations on their own mortgage applications, as well submitting false mortgage applications for customers.

He says: “Where we come across this practice, we will prohibit such individuals from performing any functions in relation to regulated financial services.

“We are firmly committed to dealing robustly with this kind of misconduct and changing behaviour so, in future, regulatory action may also include heavy financial penalties in the most serious cases.”

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