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Suspended sentence in first case of false application

A former mortgage adviser has been given an 18-week suspended jail sentence for providing false information in an application to become an approved person, the first time that such a prosecution has taken place.

Simon Robert Gray, formerly of Direct Mortgages Consortium, tried to re-register with the FSA in October 2007 using fake documents supposedly from his former network and from a mortgage lender.

Deputy district judge Malins said Gray’s offences involved “sustained dishonesty”, there was “no question that custody was appropriate” and that these were “absolutely disgraceful” offences.

FSA director of permissions, decisions and reporting Graeme Ashley Fenn says: “Mr Gray’s actions were dishonest and a deliberate attempt to undermine the FSA’s approval process. Our action in this case should deter others.”


Take 10 steps to tcf and better business

The news from the FSA on treating customers fairly is not all good. The first deadline on TCF in March 2007 was met by only 41 per cent of small firms. Having set a subsequent deadline that all firms should have adequate management information in place by March 2008, the FSA sample suggests only 18 per cent of firms surveyed met this deadline.

PPF wants longer-term risk for levy

The Pension Protection Fund has proposed using longer-term risk when calculating protection levies for pension schemes in a bid to make bills fairer.

Securitisation hopes crumble with Granite

This week Northern Rock’s main securitisation master trust Granite had a ‘non-asset trigger’, meaning no more mortgages will go into the trust and Northern Rock will no longer receive money from it until all bondholders are repaid.


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