Jonathan Phelan, Head of Retail Enforcement at the FSA, said: “Mr Hussain used his business to commit mortgage fraud, and his actions posed a risk both to lenders and to his customers who were put at risk of receiving mortgages beyond their ability to finance, potentially leading to indebtedness and repossession of the property acquired.
“We have banned a growing number of mortgage brokers this year as part of our intensified crackdown on mortgage fraud which involves us working alongside other authorities such as the police, and acting on information we receive from lenders and other sources.”
The FSA received information earlier this year from a lender highlighting their concerns regarding discrepancies in relation to mortgage applications submitted by Mr Hussain, which suggested they were based on false and misleading information.
The FSA’s follow-up investigation found that Mr Hussain had:
- applied for a mortgage through his company Lifestyle Mortgages (Ealing) based on a heavily inflated declaration of his income received from the firm;
- submitted 18 mortgage applications on behalf of individuals containing employment and income information for them which did not correspond with information they had reported to HM Revenue & Customs; and
- failed to carry out appropriate checks when verifying customer details for at least six applicants.
The FSA has also cancelled the permission of Asim Hussain, trading as Lifestyle Mortgages (Ealing).
