FSA fines mortgage intermediary for failures

James Ian Shanks, a former partner and mortgage adviser at Case Funding Centre, has been banned for recklessly submitting false information to lenders. Additionally, Case Funding Centre, a subsidiary of County Down mortgage intermediary, has been fined £35,000 by the NFA for failures which led to at least 16 fraudulent mortgage applications being submitted to lenders. During its investigation the FSA 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 ‘sense checks’ on mortgage applicants’ income and employment details. The FSA concluded that the firm had exposed itself to the risk of being used to facilitate financial crime.

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