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Mortgage brokers banned

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

The two men were directors of UK Finance House Limited, with Peter based in Poole and James in Bournemouth.

The FSA found Peter Dean failed to realise mortgage introducers were acting on behalf of UKFH and arranging regulated mortgage contracts without its authority or permission. It 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 regulator found that James Dean submitted a personal mortgage application containing false information about his employment and earnings.

He 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 men failed to take adequate remedial action in 2006 when they discovered that false information had been supplied to lenders in support of mortgage applications.

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


Japan Economic Insight

James Dowey, Chief Economist, and Paul Caruana-Galizia, Economist

The conventional wisdom is that following a roughly 50 per cent rise in the stock market in 2013 in Yen terms, the Japan trade is over and done*. So the story goes, those big gains were due to a one-off boost from quantitative easing (QE) and a depreciation of the Yen — policies that one should think of as a palliative to Japan’s economic weakness, but not a cure. Rather the cure, and by implication the necessary condition for a longer-term investment case, is deep structural reforms — a painstaking re-weaving of Japan’s economic and social fabric, no less. The story continues: this is a much tougher test than launching a blast of QE, and one that prime minister Shinzo Abe, although well intentioned and well supported by the public thus far, is likely to fail. Stick a fork in Japan, it’s done…continue reading


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