View more on these topics

FSA censures mortgage broker over reckless conduct

FSA Front 480

The FSA has publicly censured mortgage broker Raymond Wagner and banned him from performing any regulated activity with immediate effect.

The regulator says Wagner, who was a director of London-based firm Ambergate, displayed reckless conduct in relation to a series of mortgage applications which contained inaccurate and misleading information.

Wagner allowed a residential mortgage application with false and misleading information to be submitted to a lender, in addition to allowing false and inflated income figures to be submitted for his benefit to obtain four buy-to-let mortgages between May 2006 and July 2007.

Wagner also failed to properly supervise two employees at Ambergate which lead to further mortgage applications being submitted which contained false information.

In April 2011, the FSA sought to fine Wagner £100,000 and ban him from regulated activities.

Wagner referred the case to the Upper Tribunal in May 2011, which found his conduct was “reckless” but was not a deliberate attempt to mislead the lender.

The Upper Tribunal directed the FSA not to impose a fine on Wagner since he suffers from serious financial hardship. The FSA took the decision to publicly censure him instead.

The regulator says: “These systems and control were inadequate and Ambergate was therefore at risk of being used for financial crime.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm