FSA bans three mortgage brokers

The FSA has banned three east London mortgage brokers for submitting false documents to support mortgage applications.

Muhammad Adnan Ashraf and Muhammad Asim Iqbal, of OCS Property and Financial Services Ltd of Barking, and Mohammed Atif Mayo, of Mac & Mayo Property Services Ltd of Forest Gate, have been banned from regulated business.

Mr Ashraf submitted a mortgage application in his own name with false income details, supported by a copy of a driving licence which the DVLA said it had not issued.

Mortgage applications submitted by Mr Iqbal to lenders were based on false information. Nine sets of applicants’ accounts used in support of customers’ mortgage applications contained identical figures, despite the accounts being for different types of business and apparently being prepared by three different accountants.

Mr Mayo submitted to a lender a mortgage application in his own name that contained false information regarding his income and occupation, supported by false payslips. He also submitted to a lender at least one other mortgage application which contained false income details, which was supported by false financial statements.