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Derick Anthony Whewall and Alan James Hewitt, partners of Wakefield-based The Mortgage Exchange, were banned for serious regulatory failures.

The financial watchdog said the advisers had failed to meet the standards expected of approved persons in terms of competence and capability.

They failed to ensure adequate measures were in place to prevent their partnership from being used to submit potentially false mortgage applications and exposed about 250 customers to the risk of receiving unsuitable advice, according to the FSA.

Jonathan Phelan, director of enforcement for the FSA, said: "The partnership's systems and controls, management information process and monitoring of advisers fell way short of what is required creating unacceptable risks relating to unsuitable advice and financial crime.

"We are continuing to find instances where mortgage brokers are unwilling or unable to maintain the standards we require and where we come across this we will take action including banning them."