View more on these topics

FSA fines mortgage fraudster £250,000

The FSA has banned a North West London mortgage broker and fined him £250,000 for repeated mortgage fraud and deliberately misleading the regulator.

The penalty is the second largest fine imposed on a mortgage intermediary.

Selvavinayakam Vigneswaran was the sole director of Futture Finance Limited, a mortgage brokerage based in Kingsbury, North West London.

Authorised in October 2004, Vigneswaran was the only approved person at the firm and was responsible for the day-to-day running of the business and ensuring it complied with FSA standards.

In October 2007, the FSA received a tip-off from a lender that Vigneswaran had been removed from its panel of preferred intermediaries as it strongly suspected him of submitting applications to another lender that contained erroneous information.

When the FSA spoke to the second lender and reviewed a number of applications, it soon became clear that there was cause for serious concern.

During its investigation the FSA uncovered a catalogue of misdemeanours. These showed that Vigneswaran had submitted three mortgage applications in his parents’ names containing false information about their income and employment, he had also:

  • commissioned the creation of, then submitted, false payslips for his parents;
  • submitted four applications in his own name that contained false information about his own earnings; and
  • regularly submitted falsified information to lenders on behalf of his clients.

It also transpired that, having been struck off the lenders panel, Vigneswaran then fraudulently used his father’s identity to set up a new firm, Cherry Finance Ltd.

When the FSA spoke to Vigneswaran’s father, who is retired, does not speak English, and whose experience of financial services extended to occasional administrative support at Futture, he was not even aware that a company had been set up in his name.

Of the £250,000 fine, £100,000 specifically relates to Vigneswaran misleading the FSA.


News and expert analysis straight to your inbox

Sign up


There are 5 comments at the moment, we would love to hear your opinion too.

  1. This guy must have been making some serious cash (albeit fraudulently) to get a fine that size!

  2. Hang on. October 2007, that’s near enough four years ago. I wonder where he is today? Not in north London, that’s for sure.

  3. Maybe I’m missing something here, but would Cherry Finance not have to be – dare I say it – erm FSA Approved???????, ie vetted, referenced, qualifications inspected, nah surely not……….

    How much were FSA fined for misleading the Financial sector ZERO I bet. Absolutely laughable

  4. Does “repeated mortgage fraud” no longer carry criminal sanctions and a custodial sentence?

  5. People like this should be deported back to their country of origin. The next thing you know he’ll be appealing using Legal Aid & claiming Jobseekers.

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