A mortgage broker was fined £11,900 for mortgage sales in breach of Principle 3: inadequate supervision and monitoring of advisers led to false applications being submitted to lenders (Mortgage Master (Glasgow) Limited, 7 July 2008). One of the responsible advisers was prohibited (Ian Sanderson, 7 July 2008).
Two partners of a mortgage broker were prohibited from significant influence functions and had their approval withdrawn for breaching Statement of Principle 7 by failing to prevent their firm being used to submit false mortgage applications (Derick Anthony Whewall, 3 July 2008 and Alan James Hewitt, 3 July 2008).
An investment adviser was prohibited and fined £16,000 for breaches of Statements of Principle 1 and 2 arising from securities transactions conducted without customer instructions and deficient sales practices including misleading statements and high pressure tactics (Baljit Somal, 8 July 2008; see also previous action against his employer Square Mile Securities Limited, 10 January 2008 and another adviser Mohammed Suba Miah, 7 February 2008).
View FSA Final Notice - Mortgage Master (Glasgow) Limited, (PDF 119KB), 15 July 2008
View FSA Final Notice - Ian Sanderson, (PDF 67.2KB), 15 July 2008
View FSA Final Notice - Derick Anthony Whewall, (PDF 129KB), 15 July 2008
View FSA Final Notice -Alan James Hewitt, (PDF 129KB), 15 July 2008
View FSA Final Notice - Baljit Somal, (PDF 121KB), 10 July 2008