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 today’s FSA press release.

Ian Sanderson, the mortgage firm’s advisor, has been banned from the industry on account of deliberately entering false information on mortgage applications. The firm must now review all of Sanderson’s 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 FSA’s executive settlement procedures. The penalty without the reduction would have been £17,000.

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