FSA slaps London mortgage broker with £103k fine and ban

clock

A London mortgage broker who submitted 42 falsified mortgage applications for customers has been banned and fined £103,000 by the FSA.

The regulator has also charged Gary Lester with committing mortgage fraud to obtain a mortgage for himself. Lester, who the FSA found knowingly submitting false and misleading income information for his customers, has been banned him from working within the regulated financial services industry for lacking honesty and integrity. Trading as Lifestyle Mortgages Limited (Lifestyle), in Edgware, North West London, Lester significantly inflated his income from Lifestyle to obtain a mortgage for himself in November 2006. During the investigation, the FSA found 42 out of 48 applications r...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Mortgages

Client conundrum: Mortgage overpayments versus investments

Client conundrum: Mortgage overpayments versus investments

1.4 million people will see mortgage deals end this year

Laura Suter
clock 22 February 2023 • 3 min read

Summer economic update: Sunak confirms stamp duty holiday in 'mini-Budget'

Mini Budget

Hannah Godfrey
clock 08 July 2020 • 2 min read

FCA sounds alarm on equity release advice

'Tick-box exercise'

Hannah Godfrey
clock 17 June 2020 • 1 min read