FSA bans Cornish mortgage broker

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The Financial Services Authority (FSA) has banned Cornwall mortgage broker Stephen Sanders for submitting at least three mortgage applications on behalf of customers which he knew contained false and misleading income information.

Sanders, a self-employed mortgage adviser had reportedly worked for various brokers in Cornwall.

In addition to the first cause of action Sanders was found to have withheld information from a prospective employer relating to an investigation into him by his former employer which led to his suspension.  He also failed to disclose to the FSA that he was the subject of an ongoing disciplinary investigation into his conduct by his former employer when applying to the FSA to perform a controlled function.

In a news release from Stephen Pett, Editor at IFA Bonus,  Margaret Cole, FSA director of enforcement, is quoted as saying:

“Sanders submitted mortgage applications which he knew to be false and this posed a serious risk to lenders and confidence in the financial system. Our work on mortgage fraud continues as a priority in our campaign against financial crime. We have banned more than 60 mortgage brokers over the last three years and we will continue to ban such people to reinforce the message that knowingly giving false and misleading information to prospective lenders is dishonest. Approved Persons must also be open and honest with the FSA and prospective employers about their circumstances. Behaviour which shows lack of honesty and integrity will result in a ban.”

The Final Notice for Sanders including the background to the case is available on the FSA website and can be viewed at http://www.fsa.gov.uk/pubs/final/sanders_2907.pdf.