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The applications were sent to lenders backed by faked documents, the City watchdog said.

The advisers are Rafiu Adisa Akanbi, trading as Greenwich-based Rafin Adisa Akanbi; Erinma Didi Jordan of Peckham-based Trekfree Associates Ltd and Byron Brown, principal and director of Balham-based Millbank Consultancy Limited and of Lewisham-based Millbank Mortgages Limited.

Jonathan Phelan, head of retail enforcement for the FSA, said: "The actions of these advisers posed a risk to lenders, and banning them supports the FSA's remit to tackle financial crime as well as to protect consumers and promote confidence in the financial system.

"It is part of a wider FSA effort to tackle mortgage fraud, which includes us working alongside other authorities such as the police, and acting on information received from lenders and whistleblowers."

The FSA has also cancelled the trading permissions Rafin Adisa Akanbi of Trekfree Associates, Millbank Consultancy Limited and Millbank Mortgages Limited. 

This news comes as the FSA banned Belfast-based mortgage adviser Gerard McStravick for being knowingly involved in submitting false mortgage applications to lenders. (See story.)