The sole director and approved person of a mortgage broker has had his approval withdrawn, been prohibited and fined £100,000 for breaching Statement of Principle 1 in connection with the submission of mortgage applications containing false information (FSA Final Notice - Mr Agbalaya, (PDF 132KB), 6 April 2009). A mortgage advisor was also prohibited for the submission of false mortgage applications (FSA Final Notice - Ms Olatunji, (PDF 82.6KB), 6 April 2009). The firm’s Part IV permission was cancelled as a result (FSA Final Notice - Herald Finance, (PDF 86KB),6 April 2009).

A financial adviser has been sentenced to 6 years imprisonment for fraudulent trading contrary to section 458 Companies Act 1985, having diverted investors’ funds to businesses he owned (SFO press release, 16 April 2008).