FSA fines and censures two mortgage brokers for fraud

THE FINANCIAL Services Authority (FSA) has banned one mortgage broker and fined another for committing “reckless business practices”, which it said led to false and misleading mortgage applications made to lenders.

Ngozika Louise Ogboru, who ran Harrow based JN Finance UK, has been banned by the financial watchdog after it found that advisers at her firm were “able to submit false and misleading mortgage applications to lenders” using her details. Ogboru was the only approved broker at JN Finance to implement “adequate systems and controls”, said the FSA.

Meanwhile, Ronald Winton from Mortgage Healthcare in Dundee has been fined £31,500 by the FSA and suspended from holding a senior position at a financial services firm for the next two years for leaving his broking business under the management of two non-approved advisers.

FSA director of enforcement, Margaret Cole said: “Ogboru and Winton were not of sufficient calibre to run their firms to the standards expected by the FSA.”

Ogboru would have been fined £65,000, but the fine would have caused serious financial hardship.