View more on these topics

FSA draws a line with first ban and fine

A mortgage broker has been banned and fined £129,000 by the FSA for fraudulent mortgage applications.

Sadia Nasir, director of Ilford firm London Mortgage and Financial Services Limited and trading as House of Finance, is the first broker to be both banned and fined for fraud by the FSA.

The regulator found Nasir submitted seven mortgage applications containing false information about her own employment and earnings, supported by falsified documents including payslips, financial statements and accountant’s certificates.

Nasir entered her own bank details on mortgage applications for clients in four instances and deliberately withheld sections of an application form from FSA investigators. She also failed to disclose to the FSA information relating to a county court judgment made against her in September 2005 and failed to disclose the true extent of her assets in an authorisation application to the FSA.

FSA director of enforcement Margaret Cole says: “We made a commitment last year to increase fines in the retail sector to act as a deterrent and this case marks a step-change in the way we are dealing with mortgage fraud, in line with that commitment.”

Recommended

Dalton explores Pakistan

Dalton Strategic Partnership has established what it believes to be the first Luxemburg-based Ucits fund to invest in Pakistan equities.

Sticking to valuation discipline when investing in China

Journalist Alexis Xydias discusses the opportunities – and potential pitfalls – of investing in China with Artemis fund manager Peter Saacke. With Peter holding significant positions in China in the Artemis funds he manages, journalist Alexis Xydias quizzes Peter on the risks of investing in Chinese stocks – including over-valuations, margin trading and financial reporting issues. Click here for video

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment