FSA bans six mortgage brokers and fines one over £130,000 for fraud
SIX MORTGAGE brokers have been banned and one fined over £130,000 by the Financial Services Authority (FSA) for allegedly committing fraud as the financial watchdog continues its campaign to crack down on illegal activity in the UK.
Neale Morton, Syed Meah and Jonathan Smith of Neale Morton IMS Limited have all been banned, with Morton fined £130,192 for committing fraud.
The FSA said the action brings the total number of mortgage brokers banned in the UK to 91 and said that it found the individuals “lacked honesty and integrity”.
Margaret Cole, director of enforcement at the FSA said: “These individuals put lenders at risk of financial crime and threatened to undermine confidence in the mortgage market, so this action makes the market a safer place.”
Meanwhile, Monika Tewari, Amanakwaa Adu and Tony Oliver have also been banned by the FSA for commiting mortgage fraud.
Tewari, according to the FSA, used different mortgage intermediaries to submit two
applications in her own name containing false information. The FSA said that she inflated her earnings by 300 per cent from £23,000 to £92,000.
Adu, who traded as Distinct Financial Services, has been banned by the FSA for “failing to demonstrate that he is fit and proper to work in the financial services industry”, while Oliver has been prohibited for mortgage fraud and for providing false information to the FSA.