FSA bans brokers for mortgage fraud

Richard Kennedy, director of east London-based Dynamic Mortgage Brokers, was hit with a six figure fine, made up of a £100,000 financial penalty and giving up £1,106 of illicit profit made on false applications. The regulator said the fine was aimed at deterring approved persons from becoming involved in mortgage fraud. In a separate case, the FSA has also banned North London broker Moses Luzinda - who traded as Remos and Co - for submitting false mortgage applications. "The actions of Mr Kennedy and Mr Luzinda were serious and blatant and posed an immediate risk to lenders," explains Mar...