UK FSA bans two mortgage brokers
LONDON - Two mortgage brokers have been banned by the UK Financial Services Authority (FSA) for misleading the regulator by withholding information and submitting false or unverified information.
Andrew David Bowden, trading as Scott Jarrett Bowden and Partners (SJB), and Shaun Lawrence failed to comply with the UK regulator's rules regarding consumer protection and fighting financial crime. The FSA said Bowden and Lawrence, both sole trader brokers, had misled the regulator, displaying "a lack of honesty or integrity".
Bowden submitted false and unverified information on the firm's regulatory reports to the FSA. Lawrence removed documents from files before sending them on to the regulator. Both men failed to keep records of customer files, to keep their work secure, and to generally meet regulatory standards. The regulator said the failings hindered the consumer-complaint process and further exposed customers to identity theft and other financial crime.
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