Ukala was an FSA approved person and the director of Goldsparkle Consulting Services Limited, a small mortgage broker firm based in South East London.
She submitted five mortgage applications for herself supported by false and misleading income and employment information.
She also failed to accurately disclose her earnings from Goldsparkle to HMRC and misused funds that belonged to Goldsparkle to meet her personal mortgage repayments.
FSA director of enforcement Margaret Cole says: “This fine, which would have been £100,000 had Ukala not settled early, is aimed at deterring approved persons from getting involved in mortgage fraud. Her earnings, as stated in the mortgage applications, were considerably higher than the income she declared to HMRC. By knowingly submitting false and misleading mortgage applications, Ukala acted in a totally unacceptable fashion.
“Our work on mortgage fraud continues as a priority in our campaign against financial crime. We have banned more than 60 mortgage brokers over the last three years and we will continue to ban such people to reinforce the message that knowingly giving false and misleading information is dishonest and poses a serious risk to prospective lenders. We will continue to ban individuals who demonstrate a lack of integrity.”