FSA has banned Abiola Agbalaya and fined him £100,000. Mr Agbalaya was sole controller and approved person of a mortgage firm. FSA found he obtained several mortgages after submitting applications that significantly overstated his and his firm’s income and profits. He also supervised two applications for a consultant which also overstated income. The consultant, Grace Olatunji, has also been banned. FSA said the fine was aimed at deterring approved persons from becoming involved in mortgage fraud.