FSA has banned Akin Johnson, a mortgage broker trading as Lifestyle Mortgages Islington for mortgage fraud prevention failures. It found he:
- employed people without assessing their fitness and propriety and without providing adequate training or supervision;
- made it possible for employees to submit false and misleading mortgage applications without his knowledge by giving them access to systems and data;
- did not have adequate systems and controls to identify:
- cases being submitted in the name of his business; and
- discrepancies in mortgage applications submitted to lenders in his own name.
This meant the firm could be used for mortgage fraud without his knowledge and FSA found at least eight fraudulent applications were submitted.