The Financial Conduct Authority (FCA) has fined and banned a mortgage broker for failing to prevent false client information being submitted to lenders.
Former City & Provincial (C&P) sole trader and principal Zaffar Hassan Tanweer has been banned from carrying out any regulated activity in the future and fined £1,100.
C&P offered non-advised mortgage broking services to retail clients until December 2011 when it ceased trading. Were it not for its financial position, the FCA would have fined the firm £68,600, it said.
Between 21 September 2009 and 21 June 2011 C&P allowed mortgage applications to be processed which contained false and misleading information about the clients' employment details and income, the FCA said.
Tanweer himself submitted false income details to a lender when applying for his own mortgage in 2008.
In its final notice issued, the FCA said: "C&P poses a risk to consumers and to lenders, and therefore to the integrity of the UK financial system.
"The authority is also taking action against Tanweer in his personal capacity, because he lacks honesty and integrity in that he deliberately provided his own mortgage lender with information about his income which he knew to be false and misleading."
The FCA found C&P failed to prevent the submission of eight mortgage applications to five different lenders on behalf of five C&P customers which contained false and misleading information.
It also processed the submission of eleven falsified wage slips, P60 documents and certified accounts to four lenders on behalf of five C&P customers.
SLA's share price has almost halved since merger
Three shifts in sector
Takeover rumours continue
Raised £116m in total
Protecting and dividing family wealth