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Regulator Bans 112 Mortgage 'Professionals' Since 2006

professionaladviser.com | June 1, 2014

By Adam Williams

The Financial Conduct Authority (FCA) has banned more than 100 individuals from the mortgage industry for fraud in the last eight years, Professional Adviser's sister title Mortgage Solutions can reveal.

The regulator, and its predecessor the Financial Services Authority, banned 112 financial professionals in the period between December 2006 and May 2014.

Figures from the FCA requested by Mortgage Solutions confirm these individuals had permissions revoked by the regulator following fraudulent activity.

The data shows the regulator was most active in 2009 when 43 individuals, largely advisers, were banned from the industry for misconduct.

Cases that year included Arthur Kirk who was banned for failing to establish proper systems and controls to prevent mortgage fraud. Kirk, trading as Grosvenor Mortgage Advice Centre in Manchester, failed to take the necessary actions to remedy the problem and had his permissions revoked.

Barking-based mortgage broker Tomilola Omolola Ogunmoye was also banned during 2009 for knowingly submitting false and misleading information about her income to four lenders.

She later failed to co-operate with the FSA by refusing to provide a sample of mortgage client files or deal with the investigators.

Notable cases since then have included London-based broker Andrew Emelife who inflated his income by 1,200% on a mortgage application. He increased his £15,000 annual income to £188,000 on the application for himself and was banned from the financial services industry in 2010.

Last year broker Douglas Jones and his son Derek Jones of Scottish firm Which Mortgage were told they had ‘acted without due skill and care' for submitting mortgage applications containing false and misleading information to lenders.

Many brokers have been fined as well as banned including Mark Thorogood, owner of Property Park Mortgages. He received a £104,294 fine for knowingly submitting fraudulent mortgage applications for himself and his wife plus another two on behalf of a family member.

Thorogood failed to have a documented system for supervising the activities of advisers at the firm and kept poor records, the regulator said.

Most recently the FCA banned and fined mortgage broker Zaffar Tanweer £1,100 for submitting false and misleading information about his clients' employment details and income.

An FCA spokesperson told Mortgage Solutions wiping out fraud remained high on its agenda: "We have a responsibility to protect the integrity of the financial system.

"That is why we have continued to tackle fraud in the mortgage market by taking action against unfit mortgage brokers. It is vital that only the honest, the fit and the proper are able to play a role in the industry."

A report earlier this year showed the mortgage industry was bucking the rising fraud trend across financial services.

Figures from Experian showed the number of fraudulent mortgage applications fell to its lowest level in four years during 2013, with 30 in every 10,000 cases caught out. During this time four advisers were banned by the regulator.

Individuals banned from the mortgage industry between December 2006 and May 2014.

John Burton 2006

Eric Stevens 2007
John Adepoju 2007
Nilmini Perera 2007
Andy Adegburin 2007
Leo Kusi-Appiah 2007

Alan Hewitt 2008
Derrick Whewall 2008
Ian Sanderson 2008
Amjad Malik 2008
Tahir Mahmood 2008
Andrew Talai Kiplimo 2008
John Keay 2008
Isah Mohammed 2008
Ian James 2008
Nicola James 2008
Omatayo Fawole 2008
Asim Hussain 2008
Colin Stewart 2008
Peter King 2008
Gerard McStravick 2008
Byron Brown 2008
Rafi Akanbi 2008
Erinma Didi Jordan 2008
Mohammed Mayo 2008
Mohammed Ashraf 2008
Muhammed Iqbal 2008
John Akinduro 2008
Sadia Nasir 2008

David John Purdie 2009
Linda Julie Patterson 2009
Peter Hilder 2009
Moses Luzinda 2009
Richard Kennedy 2009
John Cook 2009
Mohammed Ahmed 2009
Anthony Abiona 2009
Gordon Benville 2009
Ashfaq Ahmed 2009
Peter Dean 2009
James Dean 2009
Abiola Agbalaya 2009
Grace Olatunji 2009
Jonathan Smith 2009
Syed Meah 2009
Gabriel Aramide 2009
Zia Chowdhury 2009
Sofique Ullah 2009
Michael James Foster 2009
Kenneth Robinson 2009
Grace Purdie 2009
Akin Johnson 2009
Guiliano Chianelli 2009
Dele MacAulay 2009
Simon Robins 2009
Abdul Karim 2009
Daniel Esqulant 2009
Grace Ukala 2009
Martin Winer 2009
Julie Hutcheson 2009
Stephen Sanders 2009
Stephen Charles Jones 2009
Arthur Kirk 2009
Tomilola Ogunmoye 2009
Ayodele Olubunmi Thomas 2009
Mohammed Hanif 2009
Rashid Farid 2009
Noel Heaney 2009
Aaron Nickols 2009
Simon Kuun 2009
Ian Shanks 2009

Riaz Ahmad 2010
Andrew Emelife 2010
Kevin Byrne 2010
John Apicella 2010
Gary Lester 2010
Jason Phillips 2010
Ashok Sharma 2010
John Charalambous 2010
Michael Goldman 2010
Richard Granville Greenland 2010
Amankwaa Adu 2010
Tony Oliver 2010
Monika Tewari 2010
Neale Morton 2010
Scott Merrell 2010
Ngozika Louise Ogburu 2010
Alan Hill 2010
Mark Bates 2010
Waqarul Hassan Shah 2010
Wahid Hanif 2010
Mark Thorogood 2010
Darren Button 2010
Daniel Djaba 2010
Titus Adeolou 2010
David Carter 2010

Joseph Chinedu Nwosu 2011
Jagjeet Kaur 2011
Alaba Adewale Adebajo 2011
Alistair Curren 2011
Michael Lewis 2011
Selvavinayakam Vigneswaran 2011
Nazia Bi 2011
Qadeem Mohammed 2011

Gareth Flanagan 2012
Raymond Wagner 2012

Michael Lee Thommes 2013
Gurpreet Singh Chadda 2013
Derek Jones 2013
Douglas Jones 2013

Zaffar Tanweer 2014


Back to June 2014 Archive

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