The FSA has banned Walthamstow-based mortgage adviser Ashfaq Ahmed for submitting mortgage applications on his own behalf that were based on false and misleading information about his income.
The FSA found that Ahmed submitted two mortgage applications containing false information about his income from his firm, Eastside Mortgages. On his various mortgage applications he declared self-employed annual income from Eastside of approximately £50,000 between 2003 and 2007, but he declared negligible amounts of income to Her Majesty's Revenue and Customs over the same period. Jonathan Phelan, head of retail enforcement at the FSA, said: "Mr Ahmed's actions were blatant and posed a serious risk to lenders. Our crackdown on mortgage fraud is gathering pace - we have banned around 30...
To continue reading this article...
Join Professional Adviser
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes.