The move represents the first time that the regulator has made a prohibition order against a mortgage introducer, and follows the FSA’s commitment to clamping down on mortgage fraud.
The FSA stated that Kiplimo had inflated income statements and had provided false employment details of his clients, account information and tax calculations.
The introducer also submitted applications to a lender after the organisation had confirmed it would no longer accept his business.
Commenting on the decision to impose enforcement action on Mr Kiplimo, banning him from carrying out any business requiring FSA authorisation, Jonathan Phelan, head of retail enforcement at the FSA, said: “"Mr. Kiplimo's actions and his failure to co-operate with the FSA demonstrate a lack of honesty and integrity, and show that he is not a fit and proper person.
“The severity of the risk he posed to lenders and to confidence in the financial markets makes it necessary for the FSA to exercise its power to make a prohibition order.
"We will not hesitate to take similar action against any individuals, and report them to other authorities as appropriate, who are found to be knowingly involved in the submission of false mortgage applications.”
Despite the role of mortgage introducer not requiring FSA approval, the regulator confirmed the decision had come as a result of its determination to eek out mortgage fraud from the industry.
The move also follows news that the Solicitors Regulatory Authority (SRA) is to investigate up to 60 lawyers on suspicion of mortgage fraud. The move follows an increase in the number of reports of suspected fraud – 293, up from 85 reported in 2004.
The SRA stated that it had begun an investigation but failed to give details of the firms under investigation, other than to confirm that any findings would be provided to the Police and the Solicitors Disciplinary panel, which has the power to revoke practice licenses.
A spokesperson at the SRA, said: “The SRA is investigating up to 60 solicitors who may have been involved in mortgage fraud.”
