View more on these topics

Regulator bans three mortgage brokers

The FSA has banned three East London brokers for submitting false mortgage applications to lenders backed by false or misleading documents.

OCS Property and Financial Services directors Muhammad Adnan Ashraf and Muhammad Asim Iqbal and Mac & Mayo Property Services director Mohammed Atif Mayo were all found to have committed fraud.

The FSA says Ashraf submitted a mortgage application in his own name that contained false income details and was supported by a copy of a false driving licence.

Mortgage applications submitted by Iqbal to lenders were based on false accounts information. He also provided the FSA with false and misleading information about the nature of sales undertaken by OCS and the number of accounts sent to lenders.

Mayo submitted a mortgage application in his own name that contained false information regarding his income and occupation and which was supported by false payslips from a company he had never worked for.

He also submitted at least one other mortgage application which contained false income details and which was supported by false financial statements.

Mayo also failed to notify the FSA that Mac & Mayo had been removed from the panels of at least six mortgage lenders.

The FSA has cancelled the trading permission of OCS Property and Financial Services Limited and of Mac & Mayo Property Services Limited.

FSA head of retail enforcement Jonathan Phelan says: “The way these brokers acted posed a risk to lenders and banning them supports the FSA’s objectives to tackle financial crime, to protect consumers and to promote confidence in the financial system. It is part of a wider FSA drive to tackle mortgage fraud, which involves us working alongside other authorities such as the police, and acting on information we receive from lenders and whistleblowers about suspicious activity at brokers.”

Recommended

Friends’ Bray to join Zurich

Friends Provident underwriting strategy manager Nicolette Bray is leaving to join Zurich.She will take over as senior underwriting developer in September and will be responsible for enhancing Zurich’s underwriting approach for life and protection business. She will report to the firm’s UK life business’s underwriting and claims director Phil Brown.Bray joined Friends in January 2005 […]

Resolution pulls out of B&B bid

Resolution has pulled out of its proposals to acquire a stake in Bradford & Bingley due to the “entrenched” position of the board.

UK Equities: looking past short volatility

By Mark Martin, head of UK Equities, Neptune With markets facing numerous challenges this year, Neptune’s Mark Martin, manager of the UK Mid Cap Fund, and assistant manager Holly Cassell explain how they look past short-term volatility to focus on maintaining a strong long-term performance record. Read more here Important Information – for investment professionals only. […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com