Despite receiving a lifetime ban last week, a Scottish mortgage broker’s office remained open.

61-year-old Alastair Curren was one of four brokers who faced the full force of the FSA’s powers last week. He was handed a lifetime ban from the profession and also fined.

However, Mr Curren is now subject to a further police probe as part of a fraud investigation.

An FSA spokesperson said: “We liaise regularly with the Police on cases like this.”

As part of the FSA’s investigation, Mr Curren was found guilty of submitting fraudulent mortgage applications on behalf of his firm, B-Assured.

During the tribunal in Edinburgh, it was also found that Mr Curren had failed to declare his full income to HM Revenue & Customs and ignored several FSA orders.

Furthermore, Curren’s office in Main Street, Barrhead, was still open last week.

The FSA hold the right to report such activities to the Police.

The Sunday Mail reported that when Mr Curren was asked whether or not he was still in business he said ‘no’, and claimed that he had been a victim of the client’s dishonesty. He admitted incompetence but denied dishonesty and a lack of integrity.

Mr Curren, of Barrhead, Renfrewshire made around £40,000 from mortgage selling and other financial services.

The FSA fined Mr Curren more than double this amount, £100,000, as a result of failing to comply with the FSA requirements imposed on him which aimed to tackle the risks posed by him to customers.

Following the Tribunal, Tracey McDermott, FSA acting director of enforcement and financial crime, said: “The Tribunal’s judgement on Curren sends an important message to others in the industry about how seriously this sort of behaviour will be taken.”