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Jail for broker who traded without licence

Mortgage and credit brokers who operate without a licence could face jail sentences, even if their clients have no loss, a court has warned.

Peter Collinson, 55, from Nottingham, who trading as Perfect Mortgage Loans and Money Supply, admitted breaching the Consumer Credit Act and obtaining money transfers by deception when he appeared at Birmingham Crown Court.

He was jailed for eight months. The prosecution said Collinson had previously worked as a solicitor in Tamworth and Nuneaton before being struck off after financial irregularities were discovered.

He then applied to the Office for Fair Trading for a consumer credit licence but was refused.

He was prosecuted for illegally acting as a mortgage broker and investigators found in some cases the documents he used to support applications, such as pay slips and tax returns, were forgeries.

Evidence was also given that he offered financial planning advice to clients.

Deputy circuit judge Peter Stretton said he was sending Collinson to prison although none of his clients had lost any money. He said: “You were formerly a solicitor. You knew what the rules and regulations were and you disregarded them blatantly. Having been refused a licence, you carried on.”

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