LONDON -(Dow Jones)- The Financial Services Authority, or FSA, said Monday it has banned Walthamstow mortgage broker Kevin Byrne for lacking the integrity and competence to prevent his business being targeted by mortgage fraudsters.
MAIN FACTS:
-FSA revealed Byrne accepted mortgage referrals from an introducer but failed to undertake due diligence or any basic checks on client information supplied by the introducer.
-Byrne submitted seven mortgage applications containing false and misleading information; in fact at least one of the customers did not exist.
-Byrne was also found to have certified a number of supporting documents, despite never having seen the originals.
-Byrne was the only adviser at Forest Financial, which was authorized by the FSA to arrange mortgage contracts on behalf of consumers.
Copyright 2009 Dow Jones Newswires
UPDATE:FTC’s Leibowitz Seeks More Powers To Protect ConsumersSwaths of Middle TN feel mortgage stress
