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Northern Irish mortgage broker banned

Tuesday, 22 April 2008 12:00 AM

A Northern Ireland mortgage broker has been banned for advice failings and becoming a target for fraudsters.

The Financial Services Authority (FSA) took action to ban Derry-based mortgage broker John Keay Mortgage Services for "not being competent or capable to perform" regulated activities including giving advice.

The failures also made the business a target for mortgage fraudsters.

The FSA found fraudsters used the broker to submit mortgage applications containing false information, supported by falsified pay slips, bank statements and employer references.

Jonathan Phelan, FSA head of retail enforcement, said: "Jack Keay's business was used to commit mortgage fraud.

"When concerns about mortgage fraud were drawn to his attention by a lender he delegated the task of following this up to his appointed representative and never thought to check on the outcome or make changes to his systems.

"After the FSA showed him examples of types of falsified documents submitted to lenders through his business, he still failed to demonstrate that he understood the risks."

He added: "We do not and will not allow people who lack a basic level of competence and capability to perform controlled functions at authorised firms, especially where they are effectively facilitating financial crime."

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