The Financial Services Authority (FSA) has fined Mortgage Master £11,900 for failing to adequately supervise an adviser. The negligence resulted in applications containing false and misleading information submitted to lenders, according to todays FSA press release.
Ian Sanderson, the mortgage firms advisor, has been banned from the industry on account of deliberately entering false information on mortgage applications. The firm must now review all of Sandersons mortgage files and inform all lenders and clients of cases where false information was included in mortgage applications.
The firm agreed to settle at an early state of the enforcement proceeding and thereby qualified for a 30% reduction in penalty pursuant to the FSAs executive settlement procedures. The penalty without the reduction would have been £17,000.
