Vigneswaran was the sole director of Futture Finance, a mortgage brokerage based in Kingsbury.
He was the only approved person at the firm and was responsible for the day-to-day running of the business and ensuring it complied with FSA standards.
During its investigation the FSA said it uncovered a catalogue of misdemeanours.
These showed that Vigneswaran had submitted three mortgage applications in his parents’ names containing false information about their income and employment.
He also commissioned the creation of, then submitted, false payslips from his parents.
Vigneswaran also submitted four applications in his own name that contained false information about his own earnings and regularly submitted falsified information to lenders on behalf of his clients.
In October, the FSA received a tip-off from a lender that Vigneswaran had been removed from its panel of preferred intermediaries as it strongly suspected him of submitting applications to another lender that contained erroneous information.
When the FSA spoke to the second lender and reviewed a number of applications, it soon became clear that there was cause for serious concern.
It also transpired that, having been struck off the lenders panel, Vigneswaran then fraudulently used his father’s identity to set up a new firm, Cherry Finance.
When the FSA spoke to Vigneswaran’s father, who is retired and does not speak English, he was not aware that a company had been set up in his name.
Of the £250,000 fine, £100,000 specifically relates to Vigneswaran misleading the FSA.
