FSA bans and fines three mortgage brokers over £400k

All three flouted the FSA's rules by knowingly submitting false and misleading information to secure the mortgages for themselves and their customers. The regulator fined Mark Bates of Pace Financial Management in Sheffield £264,683 for knowingly being involved in mortgage fraud during his time as a partner at Pace. He has also been banned from working in regulated financial services. The fine includes a disgorgement of the £74,683 profit he made by diverting commission to himself and a colleague which should have been paid to Pace. Bates, in conjunction with another adviser at Pac...