Mortgage adviser's 69 lies about FSA permissions

Mortgage adviser's 69 lies about FSA permissions




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A mortgage adviser’s FSA permissions have been removed after the regulator found that he continued to advise clients even though he was not permitted to do so. He also reportedly lied to clients about having professional indemnity (PI) insurance.

According to financial publication Citywire, a total of 69 mortgage transactions were completed by mortgage adviser Christopher Riches, who worked for Fairway Mortgages based in Essex, after he had his permissions amended in January 2012 to exclude his ability to carry out regulated transactions.

In addition to this, the FSA reportedly found that Mr Riches had submitted false documents and misleading information which stated he had PI insurance - including three Regulated Mediation Activities Returns - when he did not.

The FSA supervisory notice said: “Mr Riches has conducted regulated activities despite not having the permission to do so over a prolonged period of time, and therefore has failed to conduct his business with honesty and integrity, or in compliance with proper standards and he therefore no longer satisfies the FSA that he is a fit and proper person to conduct regulated activities.”

It continued: “Mr Riches has repeatedly provided false and misleading information to the FSA, and as such Mr Riches presents a significant risk to consumers.”

1 Comments

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    Anthony Fazal

    It's good the FSA are doing something about the bad apples in the industry,but what about the big boys who commit bigger scale fraud?

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