Regulator kicks out another three brokers for fraud

The Financial Services Authority has banned a further three brokers for mortgage fraud, with one admitting to only checking applicants’ salaries if the lender requested it.

John Apicella, a sole trader at Newbury-based Mortgages 4 You, told the FSA that if a lender didn’t require proof of income he didn’t ask for it, and added that he would accept self-employed customers’ income figures at face value.

Jason Phillips, a former partner at Lancaster House Mortgages, who is based in Lancashire, has also been banned, along with Ashok Sharma, of Ash Commercials (UK) Limited in Uxbridge.

Meanwhile, Noel Smith, director of Andrew Copeland Mortgages Limited, has been fined £17,500 for systems and controls failings and had his approval to perform management functions withdrawn.