FSA bans mortgage advisers for fraudulent applications

Raymond Wagner, a mortgage broker and director of Ambergate, recklessly allowed the submission of an inaccurate regulated mortgage application to a lender for his own benefit, the regulator said. Wagner also failed to supervise two of Ambergate's mortgage advisers, Richard Fairley and Neeraj Harish. Wagner put only minimal systems and controls in place to monitor mortgage applications and Ambergate was at risk of being used for the purposes of financial crime. Wagner has received a full prohibition; a significant financial penalty for his misconduct was not imposed because his cond...