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Mortgage brokers banned for regulatory failings

The FSA has banned Dorset mortgage brokers Peter and James Dean for a long list of regulatory failings, including submitting false mortgage applications and acting without authorisation.

Peter and James Dean were directors of UK Finance House Limited with Peter Dean based in the Poole office and James Dean in the Bournemouth office.

The FSA found that Peter Dean failed to take reasonable steps to prevent false information being supplied to mortgage lenders by UKFH and to prevent UKFH from being used to further financial crime.

The regulator found that Peter failed to realise mortgage introducers were acting on behalf of UKFH and arranging regulated mortgage contracts without its authority or permission.

The FSA also considers that Peter engaged in unauthorised mortgage business by providing a regulated mortgage contract to a client through an unauthorised company of which he was a director.

He has been fined £17,500.

The FSA found that James Dean submitted a personal mortgage application containing false information about his employment and earnings.

He also signed off and submitted to lenders mortgage applications which contained false applicant incomes and false documentation in support of applicants’ identity verifications.

The FSA found that both Peter and James Dean failed to take adequate remedial action in 2006 when they discovered that false information had been supplied to lenders in support of mortgage applications and therefore that UKFH might have been used to perpetrate financial crime.

FSA head of retail enforcement Georgina Philippou says: “The actions of Peter and James Dean posed a serious risk to lenders and consumers.

“As part of our crackdown on financial crime in the mortgage market we have banned a number of mortgage brokers and others in the last year and we will continue to make examples of people, including by bans and fines, who either commit mortgage fraud or fail to prevent their firm from being used to further financial crime.”


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