The FSA has banned Essex mortgage broker Daniel Esqulant for submitting four mortgage applications for himself and one for a ‘close’ relative all supported by false and misleading income information.

The earnings of Esqulant and his relative, as stated in the mortgage applications, were much higher than their income as declared to HM Revenue and Customs. For his mortgages he stated that his income ranged from £210,723 in 2004 to £338,750 in 2006 and £301,920 in 2008 while HMRC records showed an income range from £75,702 in 2004 to £61,198 in 2006 and £55,786 in 2007.

The mortgage application for his relative stated that she was the self-employed proprietor of a pub with an income of £138,500 in 2007 while according to HMRC records her income for the 2006/07 tax year was £8,000.

Margaret Cole, FSA director of enforcement, said: “Esqulant’s explanation about the income on the mortgage applications stretched credibility and was unacceptable. Our crackdown on mortgage fraud continues as a priority in our campaign against financial crime. We have banned more than 60 mortgage brokers over the last three years and we will continue to ban such people to get across the message that giving false and misleading information to prospective lenders is dishonest.&rdquo