The Tribunal has confirmed FSA’s decision to ban and fine a sole trader. Mark Ainley knowingly submitted false and misleading mortgage applications and entered into sale and rent back arrangements without FSA authorisation. The defendant acted without integrity in breach of FSA’s Statements of Principle for Approved Persons (APER) Condition 1 and failed to meet the standard of suitability in FSA’s Threshold Condition 5. For this reason, the Tribunal has found it appropriate to cancel the Part IV permission of the defendant’s business, to withdraw his approval to carry out controlled functions, and to ban him from carrying out any functions in relation to any regulated activity. In addition, and given the defendant had also tried to deceive FSA in his witness statements, the Tribunal considers that it is also appropriate to impose a substantial financial penalty, the amount of which will be set in a further hearing. (Source: Mark Ainley v. FSA)
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Tribunal upholds fines for misleading mortgage applications
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