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Mortgage broker banned for fraud

The FSA has banned a Walthamstow-based mortgage adviser for blatently risky fraudulent mortgage applications.

Eastside Mortgages principle Ashfaq Ahmed submitted mortgage applications on his own behalf that were based on false and misleading information about his income.

The FSA found that Ahmed submitted two mortgage applications containing false information about his income from his firm. On his various mortgage applications he declared self-employed annual income from Eastside of approximately £50,000 between 2003 and 2007, but he declared negligible amounts of income to Her Majesty’s Revenue and Customers over the same period.

FSA head of retail enforcement Jonathan Phelan says: “Mr Ahmed’s actions were blatant and posed a serious risk to lenders. Our crackdown on mortgage fraud is gathering pace – we have banned around 30 mortgage brokers over the last two years, and we will continue to ban people who commit mortgage fraud, in order to stamp out this behaviour.”


Aviva looking to rationalise fund range

Aviva managing director of retail investments John Clougherty says the firm is likely to rationalise its investment range.He says following the decision to place all funds under the Aviva banner, it makes sense to conduct a complete review of the range at a time when the focus is on costs. He says: “We have 40 […]

Steer taking over Artemis UK growth

Tim Steer is to take on the management of the Artemis £293m UK growth fund.Steer will officially join the firm in June and following a short transition period he will replace current manager Adrian Paterson, who will move on to the alpha trust alongside John Dodd.Earlier this month revealed Steer was to leave New […]

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What price (more) freedoms?

George Osborne will make his last Budget speech of the current parliamentary term this week, and the early media briefings suggest that pensions will again feature heavily in that statement. So what are we able to learn from the weekend’s coverage?


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