The broker, Mr Eric John Stevens of Select Mortgage Services (Bournemouth) Limited, who was charged with sole responsibility for ensuring the firm complied with the FSA's requirements, has now been banned from carrying out regulated business.
The FSA began its investigation partly based on information from witnesses and found that Stevens failed to put in place and maintain adequate systems for dealing with customer complaints, the assessment of affordability and suitability of advice, and the appropriate disclosure of information to customers.
"Mortgage brokers must not submit mortgage applications that contain false or misleading information," said Jonathan Phelan, head of retail enforcement at the FSA. "We found that Mr Stevens knowingly provided supposedly self-employed customers with false financial statements and these were used in support of mortgage applications."
The FSA has however stressed that the banned Stevens is not to be confused with a financial adviser working in the Bournemouth area with a similar name, who is in no way connected to and should not be confused with, the subject of this case.
The Final Notice can be found on the FSA website.
