FSA bans West London mortgage broker
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The Financial Services Authority has banned mortgage intermediary Andrew Emelife for knowingly submitting mortgage applications to lenders that contained false and misleading income information.
Emelife also commissioned an accountant to provide false accountants statements for himself and at least one customer to commit mortgage fraud.
Trading as Loans4Assets.com in Shepherd’s Bush, West London, Emelife submitted three mortgage applications - one for himself, one for his business, and one for a customer - all of which contained inflated income figures.
In a mortgage application that Emelife submitted for himself, the annual income of £188,000 that he declared to the lender was 1200% higher than the £15,000 he declared for tax purposes.
The FSA concluded that Emelife lacked honesty and integrity and should be prevented from working in regulated financial services.
Margaret Cole, director of enforcement and financial crime at the FSA, says:“This prohibition, along with our previous and ongoing work, will make the mortgage market a safer place. Emelife acted in a wholly unacceptable manner and deserves to be banned from the industry.
“In the last three years we have banned 78 mortgage brokers and we will continue to remove the bad apples from the market to ensure that lending is based on reliable personal and financial information.”
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Readers' comments (7)
Anonymous | 4 Feb 2010 10:55 am
In the last three years we have banned 78 mortgage brokers and we will continue to remove the bad apples from the market to ensure that lending is based on reliable personal and financial information.”
Just like we do with the banks !!
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John | 4 Feb 2010 11:07 am
'Anonymous' How dare you slate the sacred Banks? Surely you appreciate in the eyes of certain sectors they are totally beyond reproach!
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Anonymous | 4 Feb 2010 11:21 am
We see many emails like this and I fully agree with removing the 'bad apples' from our industry, but we never see these kind of emails referring to banks and their bad practices. They have completely disregarded TCF and the FSA must know this, but see it as either too convenient to ignore or they feel its too big a task to take on.
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Anonymous | 4 Feb 2010 12:56 pm
First off, everyone agrees that the rogues in the industry need to be evicted. Secondly, the FSA are going after the banks, look at the substantial fine imposed upon GMAC recently for their collections practices. However, it is obvious that the FSA are targetting the low hanging fruit and are showing their teeth on their stance towards fraud. One could argue that it is synical politics, but do remember that the FSA are only directly responsible for the firms and individuals that are Directly Authorised. What Network would publish figures on Appointed Reps who they have removed because of rogue trading or poor compliance to regulations?
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john | 4 Feb 2010 1:00 pm
Is it any surprise that the FSA takes a jaundiced view of the IFA market when there are idiots like Andrew Emelife operating in it?
Isn't giving false information on a mortgage application a criminal offence? - obtaining money by false pretences? Why have the police not become involved in this case? Andrew Emelife is not a senior government minister is he?
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Andy Pebbleton | 4 Feb 2010 7:53 pm
It looks very much like low hanging fruit especiallly as I have gathered regarding the mortgage in question. Mr Emelife submited a BUY TO LET remortgage application on a property he already had for 10 years. FSA did not disclose this. Secondly FSA were looking into Commercial and Buy TO LET applications which we understand are not regulated. It beggars questions.
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Anonymous | 5 Feb 2010 9:41 am
Emelife's 1200% income exaggeration sounds pretty much like the figures being banned about by the Government re the UK economic recovery and jobless figures - what's the problem?
Perhaps Emelife is destined for higher things within the Treasury
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