Page last updated at 11:55 GMT, Thursday, 16 April 2009 12:55 UK

Mortgage broker banned and fined

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The Financial Services Authority has been cracking down on mortgage fraud

A mortgage broker has been banned and fined £100,000 by the Financial Services Authority for being involved in submitting false applications.

The regulator said the fine handed out to Abiola Agbalaya was supposed to be a deterrent against mortgage fraud.

The banned broker was the sole controller of Herald Finance Ltd in south London.

The FSA has banned more than 30 brokers in the past two years during a crackdown on mortgage fraud.

'Serious and blatant'

Mr Agbalaya obtained several mortgages after submitting applications that significantly overstated the profits of Herald and his own income, the FSA said.

The regulator also banned Grace Olatunji, who worked as a mortgage consultant for Herald, for submitting applications based on false income information.

Margaret Cole, director of enforcement at the FSA, described the actions of the duo as "serious and blatant".

"Perpetrators of fraud will increasingly find themselves facing bans and significant fines as we continue our work in this area," she said.



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