Sadia Nasir, director of Ilford-based firm London Mortgage and Financial Services Limited, trading as House of Finance, is the first mortgage broker to be both banned and fined for fraud by the FSA.
The regulator found that Nasir submitted seven mortgage applications containing false information about her own employment and earnings, supported by falsified documents including payslips, financial statements and accountant’s certificates.
Nasir entered her own bank details on mortgage applications for clients in four instances and deliberately withheld sections of an application form from FSA investigators.
She also failed to disclose to the FSA information relating to a county court judgment made against her in September 2005 and failed to disclose the true extent of her assets in an authorisation application to the FSA.
FSA director of enforcement Margaret Cole says Nasir poses an immediate risk to lenders.
She says: “We have banned a number of mortgage brokers and others this year in connection with mortgage fraud but the problem persists. We made a commitment last year to increase fines in the retail sector to act as a deterrent and this case marks a step change in the way we are dealing with mortgage fraud, in line with that commitment.
“We will continue with this new policy and intensify our crackdown on mortgage fraud. Perpetrators will increasingly find themselves facing bans, heavier fines and having to disgorge illicit gains.”