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| News » Residential Property Law » Mortgage broker fined for fraud |
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12/08/2008
Mortgage broker fined for fraud |
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Consumers who are attempting to secure a mortgage deal but are concerned about disreputable brokers will be pleased to hear that there is currently a crack down on fraud in the sector.
Omotayo Fawole has been fined £100,000 by the Financial Services Authority (FSA) and banned from operating as a broker.
The fine follows a call by the FSA last week to encourage more lenders to help stamp out fraud and report any suspicious applications.
Commenting on the case, Margaret Cole, the regulator's director of enforcement, said they had issued a significant fine in a bid to deter others that may be tempted to commit fraud.
Ms Cole said: "We will continue to make examples of people who commit mortgage fraud until behaviour changes."
She continued: "Perpetrators of fraud will find themselves facing bans and significant fines, as well as action by the police or other agencies aimed at confiscation of assets."
The Financial Times reported that the FSA has already banned 17 brokers from operating this year. That compares to a total of six during the whole of last year and two in 2006. |
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