The Financial Conduct Authority (FCA) has fined a sole trader £63,000 for arranging mortgages without permission and giving false information to the regulator.
The watchdog also banned Essex-based Christopher John Riches.
The FCA said Riches arranged mortgages after his regulatory permission had been removed, failed to have any professional indemnity insurance (PII) and gave false information to the regulator.
In December 2009 the regulator discovered that Riches did not have PII cover, an FCA requirement for all authorised firms. The following month Riches agreed with the FCA that he would stop performing regulated activities and had his regulatory permission removed.
However, during the period between May 2010 and August 2011, Riches continued to arrange mortgages. The FCA said at least 97 mortgage transactions were arranged in that time and Riches earned about £40,000.
FCA head of retail enforcement Bill Sillett said: "This case highlights the importance of being honest with the regulator. Because of Riches' lack of honesty and integrity, and the inherent risk he poses to consumers and confidence in the financial system, we are banning him from performing any regulated activity."
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