The Financial Services Authority has banned a London-based broker for submitting false applications.
Walthamstow mortgage broker Kevin Byrne lacked the integrity and competence to prevent his business being targeted by fraudsters, according to the regulator.
An investigation by the FSA revealed that Byrne accepted mortgage referrals from an introducer but failed to undertake due diligence or even basic checks on customer information supplied by the introducer.
As a result of this he submitted seven mortgage applications containing false and misleading information, with at least one applicant being made up.
Margaret Cole, director of enforcement and financial crime at the FSA, says: “Byrne is paying a heavy but necessary price. This prohibition serves as yet another warning to mortgage interme-diaries who accept business from introducers in suspicious circumstances and fail to undertake appropriate checks.”