This is the first time the FSA has taken bankruptcy proceedings for an unpaid financial penalty levied on an Approved Person.
A trustee in bankruptcy will now be appointed as manager of Nasir’s estate with a view to realising her assets sufficient to pay the debt of £129,000 to the FSA. The financial penalty was levied in July 2008. She made no serious attempt to pay the penalty before the FSA began bankruptcy proceedings.
Margaret Cole, FSA director of enforcement, said: “In the last three years we have banned 60 brokers and levied fines totalling more than £900,000 in relation to mortgage fraud. Nasir was the first mortgage broker to receive a six figure penalty for using her position in an authorised firm to commit mortgage fraud. This bankruptcy action shows our determination to achieve credible deterrence in this area. We are determined to pursue recovery of our penalties by all means available to us.”
