Construction News

08/01/2010

Mortgage Firm Fined Over 'Fraud'

The UK's Financial Services Authority (FSA) has fined a Co Down mortgage broker for failures which led to fraudulent mortgage applications being submitted to lenders.

Newtownards-based Case Funding Centre (CFC) has been ordered to pay £35,000.

James Ian Shanks, an ex-partner at CFC, has been banned for recklessly submitting false information to lenders.

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It seems at least 16 fraudulent applications were submitted.

An FSA investigation found that CFC did not have adequate systems and controls in place to counter the risk of customers and staff submitting mortgage applications based on false income and employment information.

Furthermore, advisers did little more than superficial checks on mortgage applicants' income and employment details.

(BMcC/GK)

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