FSA Bans Another Mortgage Broker

August 16, 2008 by Brendan O'Neill

Mortgage Advisors

For those people looking at CeMAP training currently, all the latest information in the news about the Financial Services Authority (FSA), falling house prices and mortgage advisors could be quite worrying.

Only this week, the FSA has banned yet another mortgage advisor for life from giving mortgage advice, this time for filling out fraudulent mortgage application forms to get a mortgage for himself and for an employee.

The mortgage advisor, Omotayo Fawole, who runs Oasis Mortgage and Financial Services in London, was also fined £100,000.

This is the eighteenth mortgage advisor banned so far this year, the majority of which were from London.

Margaret Cole of the FSA described his actions as ‘serious and blatent’ and added:

“He poses an immediate risk to lenders. We have banned a number of mortgage brokers and others this year in connection with mortgage fraud and we will continue to make examples of people who commit mortgage fraud until behaviour changes.”

In July this year, the FSA urged lenders to tip it off about suspect applications and so far has had around 300 tip offs, but only 35 from UK lenders.

There has been a lack of mortgage advisors in the UK over the last few years and now with the FSA banning suspect mortgage advisors, there is certainly an increased demand for mortgage advisors in the industry and the demand for CeMAP training has not been receding. At times like this, good mortgage advisors make a lot of clients for life.