A mortgage broker found guilty of submitting false mortgage applications has been told he can no longer work in financial services.
The FSA has banned John Adebayo Adepoju, who had been trading as Landmark Finance, “because of his direct involvement in the submission of at least one false mortgage application”.
The regulator was aware of Adepoju’s discrepancies in April, and stopped him from trading, following concerns from three lenders that had received applications from him.
However, after Adepoju failed to appeal the decision by last week’s deadline, the regulator made the ban indefinite.
Jonathan Phelan, head of retail enforcement at the FSA, says: “Mortgage brokers absolutely must not submit or assist in the submission of mortgage applications containing false information.
“The FSA will actively pursue serious allegations that mortgage brokers are directly involved in submitting even one mortgage application which they know to be false.
“Mr Adepoju was deemed by the FSA not to be fit and proper in terms of his honesty and integrity, and we have taken this action to make sure that he cannot work in the regulated financial services industry.”
The FSA says Adepoju, in his capacity as the mortgage broker, “knowingly submitted false financial statements to a mortgage lender for at least one mortgage application”.
In addition, it points out those false accounts had been prepared by an accountancy firm called John Rich & Co, where Adepoju is the accountant.
The regulator says the key reasons for the FSA's action against Adepoju include his: failure to act with honesty and integrity and failure to demonstrate an ability and willingness to comply with legal and professional obligations; and failure to demonstrate an ability and willingness to comply with FSA requirements and requests.
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