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.
Johnson - who traded as Lifestyle Mortgages Islington - was found to have employed people without assessing their fitness and propriety and without providing adequate training or supervision, while allowing employees access to his clients' personal data and his computer systems, allowing them to submit false and misleading mortgage applications without his knowledge. 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 t...
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