A mortgage broker has been banned and fined £106,499 for inflating incomes and providing false employment details for his clients on mortgage applications.
The fine against Michael Lewis, trading as Lewis Partnership, comprises a £100,000 punitive element and a disgorgement of commission and fees of £6,499.
In its final notice, the Financial Services Authority (FSA) said Lewis knowingly submitted mortgage applications in his own name and in clients’ names containing false and misleading information.
It found Lewis submitted applications with inflated incomes, provided false employment details for his clients, and acquired, certified and provided a falsified payslip to a lender for a client in order to provide evidence of an inflated income.
The FSA said Lewis poses a risk to consumers as well as lenders and confidence in the financial system.
“It is appropriate and proportionate to impose a financial penalty of £106,499 on Lewis, and to cancel his Part IV permission.
“Lewis is not a fit and proper person to perform any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm, and therefore the FSA imposes a prohibition order upon him.”
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Some 2,000 consumers affected