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.”