The FSA has banned North London broker Akin Johnson for systems and controls failings which led to at least eight mortgage applications being submitted to lenders containing false and misleading information.
The regulator also found Johnson had failed to put in place adequate systems and controls to identify and monitor cases being submitted in the name of Lifestyle Mortgages, thereby allowing the business to be used as a vehicle to commit mortgage fraud.
Jonathan Phelan, head of retail enforcement at the FSA, says: Johnson's failings posed a 'serious risk' to lenders and consumers.
He explains: "As part of our crackdown on financial crime in the mortgage market we have banned more than 40 mortgage brokers and others in the last two years and we will continue to ban people who either commit mortgage fraud or fail to prevent their firm from being used to further financial crime."
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