Regulation  

FSA bans another 'bad apple' for false applications

Andrew Emelife, trading as Loans4Assets in Shepherd's Bush, also commissioned an accountant to provide false accountants statements for himself and at least one customer to commit mortgage fraud.

According to a statement from the FSA, Mr Emelife submitted three mortgage applications, one for himself, one for his business, and one for a customer, all of which contained inflated income figures.

In a mortgage application that Mr Emelife submitted for himself, the annual income of £188,000 that he declared to the lender was 1200 per cent higher than the £15,000 he declared for tax purposes.

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The FSA said it its statement Mr Emelife lacked honesty and integrity and should be prevented from working in regulated financial services.

Margaret Cole, director of enforcement and financial crime for the FSA, said: "This prohibition, along with our previous and ongoing work, will make the mortgage market a safer place. Mr Emelife acted in a wholly unacceptable manner and deserves to be banned from the industry.

"In the last three years we have banned 78 mortgage brokers and we will continue to remove the bad apples from the market to ensure that lending is based on reliable personal and financial information."

Mr Emelife's final notice stated: "The FSA considers you are not a fit and proper person to perform any functions in relation to regulated business."