FSA ban and fine mortgage broker £129k for fraud

Mortgage broker Sadia Nasir, director of Ilford-based London Mortgage and Financial Services, who traded under the name House of Finance has been banned and fined 129k for fraud. The broker entertained her own details on client’s application forms.

Nasir also submitted seven false mortgage applications as well as withholding information from the FSA investigators, who was not told about County Court Judgment (CCJ) that had been made against her in 2005.

This is the first time that the FSA has taken the steps to ban as well as fine a broker for fraud; they have said that they hope that this six figure sum will send a message to any potential future mortgage fraudsters.

The FSA has banned a number of brokers this year in connection with mortgage fraud; it seems that brokers are now facing a difficult time to reach their targets, which is why some decide to take it upon themselves to do anything to achieve a sale.

Last year the FSA made a commitment to increase fines in the retail sector, in the hope that this would act as a deterrent, this recent fine and ban is yet another big step in dealing with mortgage fraud.
Sadia Nasir’s £129,000 fine consists of £100,000 penalty and the other £29,000 is for disgorgement of illicit profits.

Source