Brokers banned for 'financial crime' failures

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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 unautho...

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