A MORTGAGE broker from Trawden has been banned from working in financial services after he committed fraud.

Jason Phillips, was banned by the Financial Services Authority after he submitted nine mortgage applications using false employment information and inflated salary figures.

The FSA said Phillips, a former partner of Colne-based Lancaster House Mortgages, was attempting to make financial gains and exposed lenders to the risk of substantial losses.

His actions threatened to undermine confidence in the mortgage market.

In its final notice to Phillips, the FSA said it had been proposed that a substantial financial penalty be imposed of at least £100,000.

However, the FSA had decided against this as he had been declared bankrupt.

The notice said: “The FSA has concluded, on the basis of the facts and matters described, that you are not a fit and proper person, as your conduct demonstrates a lack of honesty and integrity, and that it is appropriate to make the Prohibition Order against you.

“This conclusion is based on the submission by you of at least nine regulated mortgage applications to lenders for yourself that were based on false and misleading information about your income and employment.”

Margaret Cole, the FSA’s director of enforcement and financial crime, said: “Mortgage fraud is a crime and we take any failings that put customers or lenders at risk of it very seriously.

“To date there have been in 700 alerts and numerous fines and bans, and has gone a long way towards making the mortgage market a safer place both for lenders and customers.”