Brokers banned for false applications

The fraud was discovered as part of the FSA’s Mortgage Intelligence helpline, which allows lenders to report suspected fraud and has seen over 200 cases reported so far. The two partners in an Ilford-based mortgage brokerage Abbaci Associates, Amjad Malik and Tahir Mahmood, were both found to be submitting mortgage applications on behalf of their clients, which contained false information on incomes and occupations. The breaches took place between 31 October 2004 and 11 October 2007, at which point Abbaci Associates agreed to cease conducting regulated activities at the FSA’s request. In...