The former Operations Director at General Finance Centre Limited (GFC Limited), Martin Lafrance, has been banned by the FSA from performing any controlled function involving the exercise of significant influence in relation to any regulated activity.
In his role at GFC Limited, Lafrance was responsible for processing regulated mortgage contracts and ensuring that the systems and controls in place to combat financial crime were sufficient and being followed. However, following an investigation, the FSA found that for a period of just over four years, between October 2004 and December 2008, Lafrance failed to meet the minimum standards for competence and capability.
As a result, the inadequate systems and controls led to mortgage applications containing inaccurate and misleading information being submitted to lenders. Lafrance had not been monitoring his staff to ensure that they were conducting appropriate checks to protect against fraud. He was also unaware of his responsibilities as a director holding a controlled function.
Lafrance did refer his case to the Upper Tribunal, however this was withdrawn.