The Financial Services Authority has barred John Vincent Burton, director of Mortgage and Finance Club Limited, for his failure to protect against fraudulent mortgage applications.
The action comes after the FSA received information from two lenders who removed MFCL, based in Newham, London, from their panels of mortgage intermediaries because of the risks posed to them by doing business with the firm. The FSA says it is not satisfied Burton is sufficiently competent and capable to perform any functions in the regulated financial services industry. In particular, Burton: Personally certified clients' identification documents without taking any steps to check whether they were authentic; Failed to identify at least 100 mortgage applications which were submitte...
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