Mortgage Advisor Banned For £589,000 Fraud

August 8, 2008 by Brendan

Mortgage Advisors

CeMAP training teaches the role of the Financial Services Authority (FSA) and although it may seem common sense, it also runs through the dangers of fraudulent activity, not just so that delegates can avoid committing these acts themselves but also so they can ensure they can watch out for signs of fraudulent activity.

The FSA has banned a mortgage broker following his plea of guilty last month when he was charged with four counts of obtaining money transfers by deception. When a mortgage advisor is banned, he is then unable to advise or arrange mortgage or investments for life.

Based in Weston-Super-Mare, Peter Richard Hilder had been trading as Savings Assured Mortgages and was charged with the offences on the 9th July this year. On the 21st July, the North Somerset Magistrates Court heard that the money transfers in question totalled £589,090. Hilder pleaded guilty to having dishonestly obtained, or attempted to obtain, these money transfers from a mortgage lender. Hilder had also made false claims that an individual was employed by his company in order to obtain a mortgage.

As covered in CeMAP training courses, FSA rules dictate that the FSA ust be informed if a company is convicted or prosecuted for any offence that involves dishonesty or fraud. Hilder was in breach of this agreement and the charges were upheld. As a result, the FSA were forced to take action.

As well as the ban preventing Hilder from arranging and advising on mortgages and investments, he will have to inform all clients in writing that he is no longer allowed to carry out regulated activities.

Hilder is on bail and set to appear at Bristol Crown Court on the 11th August for sentencing.

Once a CeMAP qualification is awarded to an individual, they are then able to train as a mortgage advisor and subsequently give advice on and arrange mortgages. All mortgage advisors in the UK are regulated by the FSA.