Sadia Nasir, a director of Ilford-based London Mortgage and Financial Services, is the 12th mortgage broker to be banned by the Financial Services Authority this year, but the first to date to be both banned and fined for mortgage fraud.

Sadia Nasir, a director of Ilford-based London Mortgage and Financial Services, is the 12th mortgage broker to be banned by the Financial Services Authority this year, but the first to date to be both banned and fined for mortgage fraud.The regulator said Ms Nasir, whose firm traded as House of Finance, had entered her own bank account details on four mortgage applications submitted for clients.She also submitted seven mortgage applications containing false information about her own employment and earnings, with these supported by falsified documents including payslips, financial statements and accountant's certificates.
The FSA said she also deliberately withheld sections of an application form from its investigators, failed to disclose information about a County Court Judgment made against her and also failed to disclose the true extent of her assets when she applied for authorisation.It said the six-figure fine she received aimed to take back the profits she had made from the fraud, as well as to deter other brokers from submitting fraudulent claims.Margaret Cole, director of enforcement at the 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."
She said the FSA had made a commitment to increase fines in the retail sector to act as a deterrent.She said: "We will continue with this new policy and intensify our crackdown on mortgage fraud. Perpetrators will increasingly find themselves facing bans, heavier fines and having to disgorge illicit gains."