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Regulator bans three mortgage advisers

The FSA has banned three mortgage brokers from working in regulated financial services and fined another £17,500 over mortgage fraud and advice failings, bringing the total number of brokers banned to 84.

Jason Phillips of Lancaster House Mortgages in Lancashire was banned for submitting nine applications using false employment and salary details.

Noel Smith, director of Andrew Copeland Mortgages in South London, was fined £17,500 after 224 clients were exposed to the risk of receiving unsuitable advice and the firm was left open to abuse by fraudsters. Smith is banned from performing management functions.

Ash Commercials’ Ashok Sharma failed to notice discrepancies in four applications, which should have alerted him to fraud. He also provided mortgage advice when not qualified and has been banned from regulated financial services.

John Apicella, of Newbury-based Mortgages 4 You, was banned for lack of competency. In FSA interviews, he said of customer income, “if a lender doesn’t require it, I don’t ask for it”. He also accepted applications from an introducer, later found to be fraudulent.

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