View more on these topics

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.”


Axa and CBK clash over online application

Axa has come under fire over an online application form for life and critical-illness cover.An Axa broker salesman told CBK principal Peter Chadborn to tick a box on its online application form confirming that his client was present when the form was being filled out when they were not.Chadborn says CBK encourages clients to fill […]

Cummings’ rallying call to join fight against RDR

Aifa has called for the advice community to come together to fight retail distribution review proposals which it believes are a grave danger to the future of professional advice and hugely damaging to consumers.It has drawn up a sixmonth battle plan in which it will consult members, conduct consumer research and talk to politicians, regulators, […]

Finding security in bond markets

Martin Foden, head of credit research at Royal London Asset Management, explores the role of secured bonds, considering the impact of default and the characteristics of secured bonds versus supranationals and highlighting some examples. He also examines the evolution of the credit market and rating agency inefficiencies. Read the article in full: The value of […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment