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FSA bans mortgage broker for submitting false mortgage application

The FSA has banned a mortgage broker for submitting a false mortgage application to a lender.

John Adebayo Adepoju trading as Landmark Finance was stopped from conducting regulated activities with immediate effect on April 26 because of his direct involvement in the submission of at least one false mortgage application.

The FSA has now cancelled Landmark’s permission to conduct regulated business, and Adepoju has been banned from working in the financial services industry.

The regulator took this action after receiving information from three lenders that had stopped doing mortgage business with Adepoju because of concerns about mortgage applications that he had submitted to them.

The false accounts had been prepared by an accountancy firm called John Rich & Co, where Adepoju is the accountant.

Head of retail enforcement Jonathan Phelan says: “Mortgage brokers absolutely must not submit or assist in the submission of mortgage applications containing false information. The FSA will actively pursue serious allegations that mortgage brokers are directly involved in submitting even one mortgage application which they know to be false. Mr Adepoju was deemed by the FSA not to be fit and proper in terms of his honesty and integrity, and we have taken this action to make sure that he cannot work in the regulated financial services industry.”

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