Broker and wife banned for false loan application

Ian James, approved person at Orchard House Mortgages Limited, made an application for a personal loan accompanied by a falsified payslip. His wife, Nicola James, worked as company secretary and has also been banned for taking part in the joint loan application. James had only been authorised for six month when he made the application in July 2007, and was able to obtain a loan of £9,000 including interest. Jonathan Phelan, head of retail enforcement at the FSA, explains the reason for the strict action. “As the approved person at Orchard House Mortgages Limited (Orchard House), Mr Ja...