In making its decision the FSA said he failed to:
– take reasonable steps to verify client information;
– implement adequate record keeping systems;
– monitor mortgage business transacted; and
– understand the regulatory requirements associated with regulated mortgage business.
The FSA has also cancelled the permission granted to Ullah to carry on regulated activities.
Jonathan Phelan, FSA head of retail enforcement, said:
“Ullah lacks integrity and competence and his actions posed a serious risk to mortgage lenders. Our crackdown on mortgage fraud is gathering pace – we have banned more than 40 mortgage brokers for mortgage fraud over the last two years, and we will continue to ban people who become involved in mortgage fraud, in order to stamp out this behaviour.”
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