FSA has banned two mortgage brokers, Peter and James Dean, and their firm, UK Finance House Limited, for serious regulatory failures including failing to prevent their firm being used to perpretrate financial crime. It found Peter Dean, who held CFs 1 and 8, had failed to:
- realise mortgage introducers were acting without the firm’s authority;
- realise his co-director was signing off mortgage applications prepared by a third party as his own;
- monitor staff and work or to make arrangements for supervision in his absence;
- notice the firm was providing false information to lenders, or notice or prevent the firm being used for financial crime; or
- take remedial action when he realised the firm may have been used for financial crime.
James Dean had submitted a personal mortgage application with false details and signed off on applications that contained false information and false identity verification documents. He also failed to act on the suspicion of financial crime. FSA also fined Peter Dean £17,500.