View more on these topics

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.”


TPD confusion poses problems

Axa is working with the Association of British Insurers to address problems over total permanent disability insurance.

Smith to head IT at Nucleus

Nucleus Financial Group has appointed Andrew Smith as chief technology officer. He will be responsible for infrastructure and proposition delivery and process design of the platform.

Risk-free path to pensions is a myth

Robin Geffen, Fund Manager and CEO Are you taking enough risk? Robin Geffen, Founder of Neptune and Manager of the top performing Global Alpha Fund, discusses the importance of accepting enough volatility in planning for retirement. Click here to read the full article Important information Investment risks The value of an investment and any income from […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment