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FSA bans mortgage broker for false applications

The FSA has banned South London mortgage broker Isah Attayi Mohammed for entering false information on mortgage application forms and submitting false mortgage applications to lenders.

The FSA found that Mohammed, the principal of Initial Financial Services Limited, had included inflated income statements, inaccurate employment details and false sets of accounts in mortgage applications for himself and for IFS customers.

FSA 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.”


No laughing matter

In a previous IFA View, I related my experience of the financial services marketplace in Singa-pore. In particular, I enthused about how product innovation was flourishing there, including from the likes of Prudential, while UK insurers have pretty much given up the right to call themselves insurance companies.


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