Kilmarnock Mortgage Fraud

johnniewalkers

The Financial Services Authority (FSA) has fined a Kilmarnock mortgage firm �11,900 for failing to adequately supervise an adviser, resulting in applications containing false and misleading information being submitted to lenders.

The adviser, Ian Sanderson, has been banned from the industry for deliberately entering false information on mortgage applications, and the firm, Mortgage Master (Glasgow) Limited, must review all of Mr Sanderson's mortgage files and inform all lenders and clients of cases where false information has been included in mortgage applications.

Being from Kilmarnock myself, the town mentioned, having read about this matter in the local paper as well as hearing many related discussions in my place of work, this topic is of interest to me.

Before and after the story broke in our local paper, The Kilmarnock Standard, some of my work colleagues voiced concerns in relation to two mortgage brokers operating within the town, one being he aforementioned Ian Sanderson, the other a mortgage broker working out of a financial consultancy located on Bank Street, Kilmarnock.

Both brokers had friends who canvassed on their behalf throughout the factory in which I work, subsequently, one of the biggest employers in the town. This led to some of my colleagues obtaining mortgages. After having done so, rumours started to circulate that the unnamed of the above two was being forced out of her place of work due to her fraudulent behaviour in relation to making false mortgage applications. Next we were to hear that a friend of one of my colleagues was regularly asked to provide duplicate pay slips to these brokers, supposedly for their clients who had lost their own copies. Those concerned now suspect these requests for pay slips to have been for fraudulent purposes.

After the Ian Sanderson story broke in the local paper, some suspected they may be victims of these people's fraudulent actions. The paper suggested that the company must review all of the brokers files and inform clients of cases where false information had been included in applications. I know some of them who have waited anxiously to hear of news. Others have contacted the FSA to be told that they do not consider individual consumer complaints and some went to the offices of the brokers one of which was found to have been closed down.

In light of all of this, I wondered if anyone could advise as to how one would go about finding out if the investigation into all the other files of Ian Sanderson has been completed?

It has been suggested the other mortgage broker was pushed out the door of her place of work and the brokerage was closed down to avoid investigation, I also wondered if anyone could advise as to how one would find out if any other similar investigations had been carried out within the local area?


Any information or assistance would help in easing my worried colleagues.



Kilmarnock Firm Fined Over Mortgage Scandal

Kilmarnock Standard
Jul 25 2008

A KILMARNOCK mortgage firm has been fined nearly £12,000 for failing to keep a close eye on one of its advisors.

The Financial Services Authority has also banned mortgage adviser Ian Sanderson for falsifying applications while he worked at the Mortgage Master office in St Marnock Street.

Sanderson, 57, deliberately entered false salary and employment details on around 20 mortgage applications between 2003 and 2007.

The regulator says Kilmarnock-based Mortgage Master’s supervision of Sanderson’s activity was ‘seriously below standard’ and has fined the firm £11,900.

It has also said the company must review all of Sanderson’s mortgage files and inform lenders and clients of cases where false information has been included in applications.

One former client told the Standard: “I was absolutely gobsmacked when I heard about this. Mr Sanderson dealt with my mortgage in 2004 and then a re-mortgage in 2007 and on both occasions he appeared totally professional.

“Because of the timescale involved, I am now worried that he may have falsified details on my mortgage. So far I’ve not heard anything from the company, so I’m just keeping my fingers crossed.”