The FSA has fined County Down mortgage intermediary Case Funding Centre (CFC) £35,000 for failures which led to at least 16 fraudulent mortgage applications being submitted to lenders.
James Ian Shanks, a former partner and mortgage adviser at CFC, has been banned for recklessly submitting false information to lenders. The FSA found CFC failed to properly avoid the risk of customers and staff submitting mortgage applications using false income and employment information. Advisers did little more than superficial ‘sense checks' on mortgage applicants' income and employment details, it found. Combined with CFC's historically weak recruitment process, these failings put the firm at risk of allowing financial crime, the FSA investigation concluded. In addition, Sh...
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