Mortgage adviser banned by FSA

Emelife also commissioned an accountant to provide false accountants statements for himself and at least one customer to commit mortgage fraud.

Trading as Loans4Assets.com in Shepherd’s Bush, West London, Emelife submitted three mortgage applications - one for himself, one for his business, and one for a customer - all of which contained inflated income figures.

In a mortgage application that Emelife submitted for himself, the annual income of £188,000 that he declared to the lender was 1200% higher than the £15,000 he declared for tax purposes.

The FSA concluded that Emelife lacked honesty and integrity and should be prevented from working in regulated financial services.

Margaret Cole, director of enforcement and financial crime at the FSA, said: "This prohibition, along with our previous and ongoing work, will make the mortgage market a safer place. Emelife acted in a wholly unacceptable manner and deserves to be banned from the industry.

"In the last three years we have banned 78 mortgage brokers and we will continue to remove the bad apples from the market to ensure that lending is based on reliable personal and financial information."