FSA bans mortgage broker

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The Financial Services Authority has removed a mortgage broker's authorisation to carry out regulated activities after it says he failed to control his business responsibly.

Paramjit Singh Bali, trading as Bali Financial Services in Southend-on-Sea in Essex came under investigation after the FSA was given information from a lender that it had removed him from its panel because of concerns about mortgage applications he had submitted. A second mortgage lender also provided information to the regulator at a later stage in the investigation. Bali was found to have failed to organise and control his business responsibly and effectively in order to comply with regulatory requirements as well as demonstrating an inability to identify and take action against any unus...

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