Her Majesty’s Revenue and Custom’s (HMRC) records of Thomas’ earnings, as declared for tax purposes, were  found to be substantially less than the amounts that he declared to lenders.

Despite claiming his income was genuine, with some coming from overseas investments and schemes, Thomas failed to satisfy the FSA that the evidence of this additional income was reliable.  When the broker pplied for the various loans, he did not provide the lenders with any indication that his income came from anywhere other than his mortgage business and from within the UK.

Combined with a fraudulent mortgage application for his wife and two joint mortgage applications where the incomes declared to lenders were also shown to be misleading, the FSA concluded that Thomas lacked “honesty and integrity” declaring him unfit to work in regulated financial services.

Margaret Cole, director of enforcement and financial crime at the FSA, said Thomas’s representations to the FSA about his income sources were “unreliable” at best.

“In his loan applications, he decided to rely on irregular and unaccountable income from overseas. It was plain to see that he had misled the lenders about the sources and amount of his income.”

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She continued: “Consequently, he has lost his individual approval and has been banned from performing functions in authorised firms. These sanctions are consistent with our ongoing drive to crack down on financial crime and instil confidence in the mortgage market.”

Thomas was an approved person and the director of Atom Associates, a mortgage intermediary based in Silvertown, East London. Thomas also conducted business as Divine Mortgages, a trading name for Atom. The firm ihas no connection to packager firm All Types of Mortgages Ltd (AToM).