A financial adviser has been fined £95,200 and banned by the Financial Services Authority (FSA) for knowingly submitting mortgage applications in his own name which contained false information.
Gareth Flanagan, formerly the sole owner and director of GMF Marketing Services, has also had his approval to perform controlled functions withdrawn.
The FSA said his actions misled lenders regarding his income, residence, employment status and proposed use of funds.
Between December 2005 and November 2007, Flanagan submitted nine mortgage applications to lenders in his own name in respect of five properties.
Five of the mortgage applications were completed and the mortgage funds obtained amounted to £1,325,722. The other four applications did not proceed to completion.
The FSA said Flanagan also failed to take reasonable steps to ensure that GMF did not submit false and misleading information to mortgage lenders about customers' incomes.
In addition to this, he did not establish and maintain adequate systems and controls such that GMF took reasonable steps to ensure it made suitable personal recommendations to its customers and he also failed to ensure that the competence and performance of GMF's advisers were adequately monitored.
A review of past business in November 2010 found that, of 24 client files originating from the period December 2006 to August 2010 where Flanagan gave investment advice, 84% were unclear in terms of suitability of advice.
Meanwhile, of 14 client files not relating to Flanagan from the same time period, 72% were unclear in terms of suitability of advice.
Having settled at an early stage of the FSA's investigation, Flanagan received a 30% discount, avoiding a potential fine of £136,000.
GMF is now owned by Priciple First Financial Services and under new management.
Patrick Durkan, the firm's managing director, said: "The company has assiduously addressed issues raised by the FSA and has fully implemented its recommendations.
"We offer our clients a quality financial service and seek to grow the business."
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