FSA censures 'reckless' mortgage broker

The Financial Services Authority (FSA) has publicly censured a mortgage broker who "recklessly" submitted incomplete mortgage applications for himself.

The regulator has castigated Raymond Wagner, previously of now-liquidated London broker Ambergate, for allowing four non-regulated, buy-to-let mortgage applications to be submitted to lenders for his own benefit in 2006 and 2007. The applications included "misleading" details about his income. Though the FSA has concluded Wagner did not deliberately set out to mislead lenders, it has upheld an initial decision to ban him from performing regulated activities and decided a censure would be appropriate. Earlier, Wagner had successfully overturned a £100,000 fine in the Upper Tribunal,...