Batra was director, controller and approved person for broker firm Mortgage 10 Limited (M10) in 2007. The firm submitted a number of mortgage applications on behalf of Batra for the purchase of the leasehold of two properties which consisted of 78 studio flats.
Each of the mortgage applications bore Batra’s signature.
The Tribunal agreed with the FCA’s finding that Batra lacked integrity as evidenced by his submission of a number of mortgage applications containing inaccurate information to two mortgage lenders.
The Tribunal found that, in relation to those applications, Mr Batra: was reckless as to the truth of some of the statements he made; failed to be open and co-operative with the lenders on another point; and that he never intended to comply with one of the mortgage offer conditions or, at the very least, was unconcerned as to whether he did so or not.
The Tribunal also found that Batra was not open and co-operative in his dealings with the FCA (in particular it found that Batra either knowingly or recklessly gave the FCA incorrect information when being interviewed).
The Tribunal did not find that, on the evidence, the FCA had established that Batra had been dishonest or deliberately sought to mislead the lenders.
The case reached the Tribunal after Batra referred the decision made by the FCA last November to prohibit him from carrying out any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm.
Batra is still able to appeal the Tribunal’s decision.