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FSA bans mortgage introducer

The Financial Services Authority has banned a mortgage introducer from carrying out any financial services activity requiring authorisation, sending out the message that no-one is immune from its powers.

It is the first time the FSA has made a prohibition order against a mortgage introducer, a role which does not require FSA approval.

The introducer in question, Andrew Talai Kiplimo from Ilford, Essex was found to be submitting mortgage applications supported by inflated income statements, false employment details and a false set of accounts and tax calculation. He has also continued to submit further mortgage applications to a lender after the lender has indicated that it would no longer accept business originating from him.

Kiplimo also failed to co-operate with the FSA’s investigation into these matters.

Jonathan Phelan, head of retail enforcement at the FSA, says: “Mr Kiplimo’s actions and his failure to co-operate with the FSA demonstrate a lack of honesty and integrity, and show that he is not a fit and proper person.

“Anyone who is approached by him about regulated business is strongly advised to have no further dealings with him. The severity of the risk he posed to lenders and to confidence in the financial markets makes it necessary for the FSA to exercise its power to make a prohibition order. We will not hesitate to take similar action against any individuals, and report them to other authorities as appropriate, who are found to be knowingly involved in the submission of false mortgage applications.”

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