14 October 2010
FCA Bans Three Financial Services Professionals Guilty of Mortgage Fraud
Three professionals have been banned from practicing in the financial services sector after scrutiny into their work by the Financial Conduct Authority (FCA) showed they had broken the law.
FCA investigations revealed that Mark Bates and Alan Hill of Sheffield-based company Pace Management and Waqaral Hassan Shah of K S Financial Services, which was formed in 1996, were all guilty of mortgage fraud as they had purposefully submitted misleading and inaccurate data to the regulatory body.
As a result, Mr Bates has been suspended from working in the industry and fined £264,683 after it was found he had committed breaches of regulations such as obtaining a mortgage for himself using incorrect information.
Meanwhile, Mr Hill has been banned and ordered to pay a penalty of £150,000 for breaking principle one of the FSA code and Mr Hassan received his ban after he inflated his income by 600 per cent.
Margaret Cole, managing director of enforcement and financial crime at the FSA, stated: "Bates, Hill and Shah all showed they were not fit to work in regulated financial services."
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Posted by Daniel Stevens