The FCA has banned mortgage and investment adviser Andrew Barlas for submitting false income details in personal mortgage applications.
The regulator says it would have also imposed a fine of £80,000 had he not provided evidence that a fine would cause him serious financial hardship.
Barlas, of advice firm Capital Managers, submitted a mortgage application in November 2006 in his own name. The application was for a loan of £55,000 and was submitted through Capital.
In the application, Barlas stated his gross annual income was £42,750. This was inconsistent both with his tax return for the year ended 5 April 2006, in which he declared income of £19,486, and Capital’s annual accounts, which stated his profit for the year ended 31 March 2006 was £24,314.
In June 2008 Barlas submitted a second mortgage application in his own name, for a loan of £135,000.
He stated that has average annual income over the last three years was £52,000, which was also inconsistent with his tax returns and company accounts.
The FCA says Barlas knowingly submitted false information to the lenders and therefore failed to acted with honesty and integrity.
The regulator says: “The size of the income inflation and the lack of any plausible explanation by Mr Barlas indicate that he acted deliberately.”