The Financial Conduct Authority (FCA) has banned an investment and mortgage adviser for submitting fake and misleading mortgage applications.
The regulator ruled Andrew Barlas knowingly submitted two applications to mortgage lenders containing false and misleading information about his income. This meant he is "not a fit and proper person to perform functions in relation to regulated activities", the FCA found. The regulator explained in its final notice it refrained from fining him £80,000 after he demonstrated it would have caused him serious financial hardship. Barlas was given a decision notice on 7 August and did not act against it. The adviser was authorised to carry out CF4, CF11, CF21 and CF30 functions at Capita...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
