Banned broker: 'there are more guilty parties'

Mahmood told IFAonline lenders should increase their income multiples to ten times in most cases, possibly to meet the high costs of property in the UK. Yesterday, the FSA announced Mahmood and his partner, Amjad Malik, were banned for falsifying incomes and occupations of clients on mortgage applications. However, Mahmood hit back, saying: “The FSA should check 10 files of every broker in the mortgage industry and the income declared on the application should be verified by the Inland Revenue. “Then the FSA would find out how many applicants declared their genuine income compared to h...