View more on these topics

FSA censures and bans mortgage broker for displaying reckless conduct

The FSA last week publicly censured London-based mortgage broker Raymond Wagner and banned him from performing any regulated activity with immediate effect.

The regulator said Wagner, who was a director of Piccadilly Circus-based firm Ambergate, displayed reckless conduct in relation to a series of mortgage applications which contained inaccurate and misleading information.

Wagner allowed a residential mortgage application with false and misleading information to be submitted to a lender, in addition to allowing false and inflated income figures to be submitted for his benefit to obtain four buy-to-let mortgages between May 2006 and July 2007.

Wagner also failed to properly supervise two employees at Ambergate which lead to further mortgage applications being submitted which contained false information.

The regulator’s final notice says: “These systems and control were inadequate and Ambergate was therefore at risk of being used for the purposes of financial crime.”

In April 2011, the FSA sought to fine Wagner £100,000 and ban him from regulated activities.

Wagner referred the case to the Upper Tribunal in May 2011, which found his conduct was “reckless” but was not a deliberate attempt to mislead the lenders.

The Upper Tribunal directed the FSA not to impose a fine on Wagner since he suffers from serious financial hardship. The FSA took the decision to publicly censure him instead.

Recommended

Gary Bailey MS blog

Innovation in bridging finance

This year has witnessed significant growth in the world of bridging finance. There can be no question that the industry is thriving as the trade press is regularly filled with industry success stories and reporting an increase in the number of bridging deals – news of course welcomed by the industry. The success we have […]

Virgin Money cuts first-time-buyer rates

Virgin Money has cut rates for first-time buyers by up to 0.90 per cent on its higher LTV products. A two-year fixed rate up to 90 per cent LTV will become available at 4.99 per cent, down by 0.90 per cent from 5.89 per cent. Loans up to 80 per cent LTV will be available […]