Amjad Malik and Tahir Mahmood, both partners of Abbaci Associates, were found to have submitted applications on behalf of clients which contained false information relating to the clients' incomes and occupations.
The FSA revealed that over 200 cases of suspected or proven mortgage fraud had been brought to its attention via its Mortgage Intelligence system which allows lenders to divildge details of suspect cases anonymously.
In the case of these two brokers, one example of such fraudulent behaviour saw Mahmood submit a mortgage application for a customer who purportedly worked for him. It later transpired that the pay slips were false and the customer was not and never had been an employee of Mahmood.
Furthermore, the FSA revealed that Malik was found to have submitted two entirely different statements of salary and employment details to lenders for a customer in order to try and meet lending criteria.
The activities in question took place between 31 October 2004 and 11 October 2007, when Abbaci Associates ceased all regulated business.
Jonathan Phelan, head of retail enforcement, FSA said that the action was part of the regulator's current crackdown on mortgage fraud, based on information received from lenders and whistleblowers as well as the police.
He said: “Banning these two men supports the FSA’s financial crime objective as well as our consumer protection and market confidence objectives."
