Ullah, while acting in his capacity as principal, also did not put in place adequate arrangements to control M A Financial Services and to counter the risk that it might be used to further financial crime. He failed to:
take reasonable steps to verify client information;
implement adequate record keeping systems;
monitor mortgage business transacted; and
understand the regulatory requirements associated with regulated mortgage business.
The FSA has also cancelled the permission granted to Ullah to carry on regulated activities.
Jonathan Phelan, FSA head of retail enforcement, said: “Ullah lacks integrity and competence and his actions posed a serious risk to mortgage lenders. Our crackdown on mortgage fraud is gathering pace - we have banned more than 40 mortgage brokers for mortgage fraud over the last two years, and we will continue to ban people who become involved in mortgage fraud, in order to stamp out this behaviour.”
