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FSA fines mortgage firm £11,900 and bans adviser

The FSA has fined a Kilmarnock mortgage firm £11,900 for failing to adequately supervise an adviser, resulting in applications containing false and misleading information being submitted to lenders.

The adviser, Ian Sanderson, has been banned from the industry for deliberately entering false information on mortgage applications.

The firm, Mortgage Master Limited, must review all of Sanderson’s mortgage files and inform all lenders and clients of cases where false information has been included in mortgage applications.

FSA head of retail enforcement Jonathan Phelan says: “Mortgage Master’s systems and control and its supervision of Mr Sanderson were seriously below standard. It is important that firms’ senior management take appropriate steps to prevent their advisers from using their firm to commit financial crime.

“Our actions in this case show we are serious about intensifying our crackdown on mortgage fraud. Firms and their managers will increasingly find themselves at risk of bans and heavier fines if they fail to take the necessary steps to prevent their firms being used for financial crime.”

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