The UK Financial Services Authority has banned Sadia Nasir, a mortgage broker, and fined her GBP129,000 for involvement in numerous fraudulent mortgage applications.
Ms Nasir was a Financial Services Authority (FSA) approved person and the director of a firm based in Ilford called London Mortgage and Financial Services Limited. The firm traded as House of Finance. This six figure fine is aimed at deterring approved persons from getting involved in mortgage fraud and also aimed at taking back illicit profits that she made.
Margaret Cole, director of enforcement at FSA, said: Ms Nasir’s actions were particularly serious and blatant, and she poses an immediate risk to lenders. We have banned a number of mortgage brokers and others this year in connection with mortgage fraud but the problem persists.
We made a commitment last year to increase fines in the retail sector to act as a deterrent and this case marks a step change in the way we are dealing with mortgage fraud, in line with that commitment.