FSA bans Southall mortgage broker

The Financial Services Authority has banned Asim Hussain based on the fruits of the Information from Lenders anti-fraud programme.

The Southall-based mortgage broker has been banned for submitting false mortgage applications to lenders on behalf of himself and customers.

The FSA received information earlier this year from a lender highlighting their concerns regarding discrepancies in relation to mortgage applications submitted by Hussain that suggested they were based on false and misleading information.

Jonathan Phelan, head of retail enforcement at the FSA, says:
“Hussain used his business to commit mortgage fraud, and his actions posed a risk both to lenders and to his customers who were put at risk of receiving mortgages beyond their ability to finance – potentially leading to indebtedness and repossession of the property acquired.

“We have banned a growing number of mortgage brokers this year as part of our intensified crackdown on mortgage fraud which involves us working alongside other authorities such as the police, and acting on information we receive from lenders and other sources.”