The IFA, Gareth Flanagan was the sole owner and director of Londonderry-based financial advisory firm GMF.

FSA alleged that Flanagan submitted nine mortgage applications between December 2005 and November 2007 to lenders in his own name, five of which were completed for funds totaling GBP1.33 million.

But in the meanwhile, FSA identified eight of the applications that contained false information regarding income, residence, employment status and purpose of the mortgage.

Presently, GMF has new directors and a new person responsible for compliance oversight, while Flanagan is neither employed by or is a shareholder in GMF.

Earlier May 2010, GMF had been removed by a mortgage lender its lending panel after it had found irregularities in 15 mortgage applications concerning customers’ income, employment and address.

Of the mortgage applications in question, two were in Flanagan’s name.

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In its charges, the FSA concluded that Flanagan has failed to act with integrity in carrying out his controlled functions by knowingly submitting mortgage applications through GMF in his own name which contained false information.