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FSA bans mortgage broker for personal loan application fraud

The FSA has banned Doncaster-based mortgage broker Ian James for supplying false documents and overstating his income on a personal loan application.

James was the sole director and approved person of Orchard House. His wife Nicola James, who acted as the company secretary, was also banned for jointly submitting the application.

The FSA found that Mr and Mrs James obtained a bank loan of just over £9,000 including interest by submitting two false payslips with fake salaries and employment histories.

The FSA has also cancelled the permission of the firm.

FSA head of retail enforcement Jonathan Phelan says: “As the approved person at Orchard House Mortgages Limited Mr James had overall responsibility for ensuring that Orchard House conducted its business with integrity.

“He showed a lack of honesty and integrity in relation to his own personal financial dealings. Given our concerns about brokers’ use of false payslips on customers’ mortgage applications, we applied the same standards to him and we concluded that he could not be trusted to occupy any position in relation to customers’ mortgage applications.

“A prohibition order is therefore necessary in line with the FSA’s tough stance against people lacking honesty and integrity who wish to work in authorised financial services firms.”


Kneeshaw to head international force

Royal London has named David Kneeshaw as chief executive of the combined Scottish Life International and Scottish Provident International businesses. Kneeshaw is currently chief executive of Scottish Life International.

India Election Update

What a difference six months makes. Speaking in September last year, we had warned of ‘excessive pessimism’ afflicting the market’s perception of India. Since then, responsible central bank policy from the Reserve Bank of India (RBI), alongside improving global growth, has meant that India’s macro environment is strengthening quickly. The current account deficit has shrunk, inflation is falling and the government has embarked on a heavy dose of much needed fiscal consolidation. As a result, the rupee has been one of the strongest global currencies this year while the market has touched all-time highs, rallying by more than 20 per cent (GBP) since September. This begs the question: are we now in a period of ‘irrational exuberance’? Not yet.


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