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FSA bans two more mortgage brokers as part of fraud crackdown

The FSA has banned two partners of an Essex-based mortgage firm for involvement in submitting false mortgage applications to lenders.

The regulator found Amjad Malik and Tahir Mahmood, of Abbaci Associates, submitted applications on behalf of clients which contained false information relating to the clients’ incomes and occupations.

The firm ceased to conduct regulated activities in October at the request of the FSA.

The FSA says Mahmood submitted a mortgage application for a customer who purportedly worked for him, while later it transpired that the pay slips submitted were false and the customer was not and never had been an his employee.

Malik submitted two entirely different statements of salary and employment details to lenders for that customer in trying to meet the lender’s criteria for a client.

The FSA say both partners must have known that false information was being given to lenders.

FSA head of retail enforcement Jonathan Phelan says: “The actions of the these two partners posed a risk to lenders, and banning them supports the FSA’s financial crime objective as well as our consumer protection and market confidence objectives. It is part of a wider effort to tackle mortgage fraud, which includes working alongside other authorities such as the police, and acting on information received from lenders and whistleblowers.”


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