The FSA has banned two mortgage brokers for failing to prevent their firm being used to perpetrate financial crime and for other 'serious regulatory failures'.
Dorset brokers Peter and James Dean, directors of UK Finance House Limited (UKFH), have both been banned with Peter Dean also fined £17,500.
Among what it calls "numerous" failings, the FSA found Peter Dean failed to take reasonable steps to prevent false information being supplied to mortgage lenders by UKFH or take reasonable steps to prevent the firm being used to further financial crime.
Moreover, it found James Dean was signing off regulated mortgage applications as his own work, when they were in fact prepared by a third party.
The FSA also revealed Peter Dean engaged in unauthorised mortgage business by providing a regulated mortgage contract to a client through an unauthorised company of which he was a director.
Georgina Philippou, head of retail enforcement at the FSA, says the actions of Peter and James Dean posed a 'serious risk' to lenders and consumers.
"As part of our crackdown on financial crime in the mortgage market we have banned a number of mortgage brokers and others in the last year," she says.
"We will continue to make examples of people, including by bans and fines, who either commit mortgage fraud or fail to prevent their firm from being used to further financial crime."
Peter Dean qualified for a 30% reduction in penalty by settling at an early stage of the FSA's investigation. Were it not for this discount, the FSA would have imposed a financial penalty of £25,000.
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