The regulator has revealed that Tooting-based mortgage broker Guiliano Chianelli of GCM has been banned for declaring false and misleading information about his income in order to obtain a mortgage.
Chianelli was banned after applying for a self-cert mortgage with a false income declaration; he said he earned £70,000 a year from his brokerage when HM Revenue & Customs found he only earned around £9000. Chianelli claimed that the income figures were correct because the difference was made up by his winnings from gambling, which were not subject to tax.
Chianelli also failed to co-operate with the FSA by refusing to provide his customers’ mortgage files. Chianelli blamed a lack of time for not submitting the files. The FSA says Chianelli “had more than sufficient time to find the files requested by the FSA”.
FSA enforcement director Margaret Cole says: “Chiannelli’s explanation about his income on his mortgage application was not acceptable, nor was his blatant refusal to make his client files available for scrutiny by the FSA.
“Our crackdown on mortgage fraud continues as a priority in our campaign against financial crime. We have banned more than 50 mortgage brokers over the last two and a half years. We will continue to ban such people to get across the message that giving false and misleading information to prospective lenders is dishonest.”