The Financial Services Authority has banned and fined Londonderry-based mortgage adviser Gareth Flanagan £95,200 for personal mortgage fraud and regulatory failings.
He was the sole owner and director of GMF Marketing Services Limited, a small independent financial advice firm.
He was found to have submitted eight mortgage applications to lenders in his own name, containing false information over a two year period. The false information related to income declarations, residential and employment details, and information about the purpose of the mortgage.
Gareth Flanagan was also sanctioned for failing in his duty to oversee GMF’s compliance with regulatory requirements and standards. He failed to take reasonable steps to ensure that GMF did not submit false and misleading information to mortgage lenders about customers’ incomes. Also, he failed to establish and maintain adequate systems and controls at GMF to ensure it made suitable personal recommendations to its customers.