View more on these topics

IFA who aided multi-millionpound loan fraud is jailed

An IFA was sentenced to five and a half years in jail at Birmingham Crown Court last week for falsifying mortgage applications on behalf of a client.

West Midlands Police say IFA Mark Campbell, of Oakwood Financial Management, assisted client Michael Browne to lead a multi-million-pound mortgage fraud racket in the Midlands.

Browne, from Canley in Coventry, built up a portfolio of property across the city on the back of a string of false mortgage applications.

He was sentenced to three years in prison but had his sentence reduced due to time spent on remand and the fact that he entered a guilty plea.

Police say Browne “used the specialist skills and knowledge” of Campbell to acquire loans overstating his income in mortgage applications.

Campbell was convicted after the jury heard how he falsified incomes and produced false letters of employment and references.

According to police, Campbell, also from Coventry, obtained mortgages for Browne and his family and associates with a “no questions asked attitude”, without signing forms or producing proof of income.

Campbell also used the services of Andrew Harris from Keresley in Coventry to produce false pay slips. Harris pleaded guilty in 2009 and will be sentenced at a later date.

Regional Asset Recovery Team Det Inspector Chris Berrow says: “Browne pleaded guilty at an early stage when he saw the overwhelming evidence against him. Campbell, however, denied the fraud to the end, even though there was overwhelming documentary evidence that showed he lied to banks and lending institutes time and time again.

“Campbell abused his position and used his knowledge and skills to obtain a mortgage for anyone who wanted one, no matter whether they were emp-loyed or not. He even acquired property for family members using false applications to ensure they benefited, too.”


FSA looks at increasing data collection for RDR

The FSA is considering increasing the amount of data it collects from advisers and providers to ensure that firms are complying with the RDR. Speaking at an Institute of Financial Planning conference on the RDR last week, FSA manager of the retail distribution team Richard Taylor said the regulator will look to collect data on […]

Santander may look to London float to raise capital

Santander may be preparing a £20bn float on the London Stock Exchange in an attempt to raise capital after expanding its business across Europe. According to Spanish business newspaper Expansion, the Spanish bank may sell off 20 per cent of its UK business – made up of Abbey, Bradford & Bingley and Alliance & Leicester […]

Metlife opts for flexible over fixed-term annuity

Metlife has ruled out launching a fixed-term annuity but is planning a new flexible guaranteed income product to capitalise on the growing popularity of guaranteed retirement income. UK chief executive Dominic Grinstead says the company has looked closely at fixed-term products but has decided not to progress with that option. Instead, Grinstead says it is […]

India: too big to ignore?

By Kunal Desai, head of Indian Equities, Neptune  India is officially the world’s fastest-growing major economy and remains firmly on track to become the third-largest economy by 2030, overtaking Japan and Germany. As an accelerating labour force combines with increasing labour productivity, is India getting too big to ignore? Click here for full article   […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment