The Financial Conduct Authority (FCA) has today banned Andrew Barlas from performing any function in relation to any regulated activity.

The regulator found that Barlas, of East Kilbride, Glasgow, knowingly submitted two mortgage applications to mortgage lenders containing false and misleading information about his income.

Had Barlas not provided verifiable evidence that the imposition of a financial penalty of any amount would cause him serious financial hardship, the FCA would have decided to impose on him a financial penalty of £80,000.

The FCA concluded that Barlas failed to act with honesty and integrity in carrying out his controlled functions in breach of Statement of Principle 1, by knowingly submitting, through Capital, two mortgage applications to mortgage lenders containing false and misleading information about his income.

The FCA said the serious nature of these breaches leads it to conclude that Barlas is not a fit and proper person to perform functions in relation to regulated activities carried on by any authorised person, exempt person or exempt professional firm, and that he should be prohibited from doing so.