FSA bans NI broker for not acting on fraud tip

The Financial Services Authority has banned a Northern Ireland-based broker for failing to prevent fraud.

The regulator has banned John Keay, a broker at Jack Keay Mortgage Services in Londonderry, from trading for failing to address an issue concerning fraud that was brought to his attention by a lender and the FSA.

The FSA says Keay’s firm’s authorisation has been cancelled and that he is no longer authorised to conduct regulated business.

It says Keay’s firm was used to submit applications based on fraudulent payslips, bank statements and em-ployer references as a result of his failure to instigate adequate checks.

Sole broker Roy New says: “This ban is excellent news and shows why the regulatory system is in place – to separate the good from the bad.

“Let’s get rid of all the cowboys in the market.”