View more on these topics

Mortgage brokers banned for false applications

The FSA has banned two partners of an Essex mortgage firm for involvement in submitting false mortgage applications to lenders.

The regulator found that Amjad Malik and Tahir Mahmood, of Abbaci Associates, had submitted mortgage applications on behalf of clients which contained false information relating to the clients’ incomes and occu-pations.

The firm ceased to cond-uct regulated activities in October last year at the request of the FSA.

The regulator says that Mahmood submitted a mortgage application for a customer who purportedly worked for him but it later emerged that the pay slips that had been submitted to the lender were false and the customer was not and never had been an employee for Mahmood.

Malik submitted two entirely different statements of salary and employment details to lenders for thatcustomer in trying to meet the mortgage lender’s crit-eria for a client.

The FSA say that both partners must have known that false information was being given to lenders.

The regulator announced earlier this month that it would be bringing enforcement action in a third of the 200 cases of mortgage fraud that it has been inves-tigating.

Head of retail enforcement Jonathan Phelan says: “The actions of these two partners posed a risk to lenders and banning them supports the FSA’s financial crime objective as well as our consumer protection and market confidence objectives.

“It is part of a wider effort to tackle mortgage fraud, which includes working alongside other authorities such as the police, and acting on information received from lenders and whistleblowers.”


Firm in liquidation remains on FSA register

Concerns have arisen over consumer protection after a Birmingham IFA remained on the FSA register despite having gone into liquidation last September.Stourbridge-based Paul Davies & Associates appointed corporate recovery firm Butcher Woods as liquidator last September but is still listed as authorised on the FSA register, with no changes to its permissions.The FSA says it […]

HMRC loses dispute on discounted gift trusts

The Special Commissioner has ruled against HM Revenue & Customs in a case which considered whether people aged over 90 can benefit from a discounted gift trust plan.The case was decided in favour of the executors of an elderly woman who died five months after setting up a discounted gift trust plan withAxa in 2002.Under […]

BTL lending up to £24.1bn in H2 2007

Buy-to-let lending totalled £24.1bn in the second half of 2007, up from £20.8bn at the same time in 2006, says the Council of Mortgage Lenders.This was also up from £21.2bn in the first half of the year.The number of loans to BTL landlords in the second half of the year was 179,100, up from 171,800 […]


News and expert analysis straight to your inbox

Sign up


    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