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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.”


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