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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.


Gary Bailey MS blog

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