The FSA has banned a mortgage adviser for falsifying applications and fined the firm where he worked almost £12,000 for failing to keep an eye on him.
Ian Sanderson, of Mortgage Master Glasgow, deliberately entered false salary and employment details on around 20 mortgage applications between 2003 and 2007, the FSA says. The regulator says Kilmarnock-based Mortgage Master’s supervision of Sanderson’s activity was “seriously below standard” and has fined the firm £11,900. It has also said the company must review all of Sanderson’s mortgage files and inform lenders and clients of cases where false information has been included in applications. Jonathan Phelan, FSA head of retail enforcement, says: “Mortgage Master’s systems and control a...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
