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FSA bans mortgage broker for submitting false applications

The Financial Services Authority has banned Wakefield-based mortgage adviser Mohammed Ahmed for submitting mortgage applications with fake payslips.

Ahmed submitted three mortgage applications with false information about his personal and financial circumstances, with false P60 forms and payslips.

He also failed to reveal the true extent of his property holdings when applying for a mortgage.

The regulator also found that while working for The Mortgage Exchange Ahmed was knowingly involved in the submission of false mortgage applications on behalf of eight clients.

Jonathan Phelan, head of retail enforcement at the FSA, says: “Ahmed lacks honesty and integrity in relation to his own personal financial dealings.

“His actions were serious and blatant.

“As this case demonstrates, our crackdown on mortgage fraud includes paying attention to the work of individual mortgage advisers and introducers as well as to approved persons and authorised firms.”

He adds: “We banned over 20 mortgage brokers last year and we will continue to make examples of people who commit mortgage fraud and who help others to commit mortgage fraud in order to change behaviour.”

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