The UK’s Financial Services Authority has banned Walthamstow-based mortgage adviser Ashfaq Ahmed for submitting mortgage applications on his own behalf that were based on false and misleading information about his income.
The Financial Services Authority (FSA) found that Mr. Ahmed submitted two mortgage applications containing false information about his income from his firm, Eastside Mortgages.
On his various mortgage applications he declared self-employed annual income from Eastside of approximately GBP50,000 between 2003 and 2007 but he declared negligible amounts of income to Her Majesty’s revenue and customers over the same period, the FSA said.
Jonathan Phelan, head of retail enforcement at the FSA, said: Mr. Ahmed’s actions were blatant and posed a serious risk to lenders. Our crackdown on mortgage fraud is gathering pace — we have banned around 30 mortgage brokers over the last two years and we will continue to ban people who commit mortgage fraud, in order to stamp out this behaviour.
Earlier, the FSA has banned John Cook from giving financial advice and stopped his Liverpool-based firm, Stone Financial Management (SFML), from conducting any further business. The FSA found that Mr. Cook had knowingly submitted mortgage applications with inaccurate and misleading information where his clients’ incomes had been inflated. As a result the FSA has now banned him due to the serious nature of his actions.
