The FSA today banned a Bradford-based mortgage broker and is rapidly approaching 50 bans since it stepped up its crackdown on mortgage fraud two years ago.
Broker Sofique Ullah is no longer permitted to trade after the FSA found he knowingly submitted mortgage applications supported by inaccurate and misleading employment details for himself and on behalf of his customers.
Ullah - who traded as M A Financial Services and M A Mortgages - did not put in place adequate arrangements to control the firm and counter the risk that it might be used to further financial crime, the regulator says.
Since the beginning of 2007, the FSA has banned a total of 43 brokers and handed out fines totalling £800,000.
The FSA says Ullah had failed to take reasonable steps to verify client information or implement adequate record keeping systems.
He was also deemed to have failed to monitor mortgage business transacted or understand the regulatory requirements associated with regulated mortgage business.
Jonathan Phelan, head of retail enforcement at the FSA, said Ullah lacked 'integrity and competence' and his actions posed a serious risk to mortgage lenders.
He explained: "Our crackdown on mortgage fraud is gathering pace - we have banned more than 40 mortgage brokers for mortgage fraud over the last two years, and we will continue to ban people who become involved in mortgage fraud, in order to stamp out this behavior."
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