FSA fines two mortgage brokers at Pace Financial £400,000

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LONDON – The UK Financial Services Authority (FSA) has banned two mortgage brokers at Pace Financial management, fining them more than £400,000.

The FSA states both brokers "knowingly submitted false and misleading information" to secure mortgages for themselves as well as their customers.

Mark Bates and Alan Hill were fined £264,684 and £150,000, respectively, and banned from working in the financial services industry for committing serious acts of mortgage fraud. Bates, whose fine includes a

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