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FSA 'cracking the whip'

Jaimie Kanwar

Dodgy mortgage brokers are running scared as the FSA continues its crackdown on fraud...

Most recently, three brokers in London and one in Belfast were banned by the Financial Services Authority (FSA) for their parts in false mortgage applications. The brokers are

- Rafiu Adisa Akanbi

- Erinma Didi Jordan

- Byron Brown

- Gerard McStravick.

The FSA says it will continue to act on information from lenders and whistleblowers to tackle fraud. Jonathan Phelan, head of retail enforcement at the FSA, commented: "The actions of these brokers posed a risk to lenders, and banning them supports FSA's remit to tackle financial crime as well as to protect consumers and promote confidence in the financial system. This action is part of a wider FSA effort to tackle mortgage fraud."

The number of mortgage brokers or introducers banned by the FSA for trying to defraud lenders has now reached double figures this year. In March, the Association of Chief Police Officers said that mortgage fraud was a significant element of the UK's annual fraud losses.