The regulator found that Abiona knowingly submitted mortgage applications containing false or misleading information to lenders on his own and his customers' behalf. Abiona also failed to protect confidential customer information, ensure file reviews were adequately carried out and recorded, and make sure that information on mortgage application forms was not misleading. As a result, he has also failed to act with competence and capability.
Jonathan Phelan, the FSA's head of retail enforcement, said: "Anthony Abiona provided misleading information to the lenders and it appears he also misled the FSA as well and lacks the honesty and integrity we require of all regulated firms and individuals. Such behaviour will not be tolerated in this industry, and we will take decisive action against anyone who is not fit and proper and who poses a serious risk to lenders, consumers and to confidence in the financial system as a whole."
The FSA has also concluded that the firm fails to satisfy the threshold conditions set out by the regulator and has inadequate resources to carry on. Specifically, the firm has no suitable person to carry out regulated mortgage activities to the standard required and does not have a competent and prudent management in place.
