'Unregulated' broker banned

John David Cook, director and sole shareholder of SFML, voluntarily withdrew his approved status in 2007 after the regulator raised concerns about his failure to reveal facts relevant to his fitness and propriety. Despite this Cook was found to have retained day-to-day control of the business but without the relevant approval from the FSA. The regulator also found that Cook had knowingly submitted mortgage applications with inaccurate and misleading information where his clients' incomes had been inflated. Commenting on the ban, Jonathan Phelan, head of retail enforcement at the FSA, ...