FSA bans lying mortgage broker

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The FSA has banned sole trader Joseph Masi, trading as Select Mortgage Services, for breaching a settlement agreement with the regulator and providing false and misleading information to it.

Following an FSA investigation into the systems and controls at Masi's firm, and the suitability of the advice it provided to customers, Masi signed a settlement agreement which required him to obtain sign-off from an external compliance consultant for all mortgage sales for a period of six months from 3 September 2007. During a visit to the firm in March 2009, as part of the FSA assessment programme for small firms, Masi provided records that stated only one regulated mortgage application had completed in that six month period, and without following the agreed external sign-off process....

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