The Upper Tribunal has upheld an FCA ban for a mortgage broker for submitting mortgage applications containing false information.
In November 2010 the regulator sought to ban Mortgage 10 Limited director Ghanshyam Batra from performing any function in relation to any regulated activity in the financial services industry.
Batra referred the decision to the tribunal, which has now upheld the ban.
In 2007, Mortgage 10 submitted a number of mortgage applications on Batra’s behalf for the purchase of the leasehold of two properties which consisted of 78 studio flats.
Batra was the director, controller and approved person at the firm.
The tribunal agreed with the FCA’s finding that Batra lacked integrity, as he submitted a number of mortgage applications containing inaccurate information to two mortgage lenders.
The tribunal found that, in relation to those applications, he was reckless as to the truth of some of the statements he made; failed to be open and co-operative with the lenders; and that he never intended to comply with one of the mortgage offer conditions.
The tribunal also found that Batra was not open and co-operative in his dealings with the FCA, and gave the FCA incorrect information when being interviewed.
However, the tribunal did not find that the FCA had established that Mr Batra had been dishonest or deliberately sought to mislead the lenders.