FCA refuses to lift broker ban

The FCA had determined that Mr Thorogood was "not a fit and proper person" to perform any regulated activity, due to a lack of integrity and competence.

The regulator said that whilst acting in his capacity as a sole trader, Mr Thorogood knowingly submitted fraudulent mortgage applications and failed to implement adequate systems and controls to ensure that mortgage advice given to Property Park customers was suitable.

The Authority added that Mr Thorogood has not accepted that his behaviour was wrong, nor provided any evidence which suggests he has remedied the lack of fitness and propriety that led to the prohibition being imposed.

Mr Thorogood responded that his business has been "seriously affected" by the prohibition and he is struggling to find other paid employment.

He added that the North Wales police has found no wrongdoing and he believes all his personal mortgages are legitimate. Further, the banks providing the products he sold as a mortgage adviser created a toxic environment which facilitated the situation in which he found himself.

However the FCA retorted that Mr Thorogood's actions were serious, deliberate and dishonest.

In a statement, the FCA said:

"He continues to deny that he submitted fraudulent mortgage applications on his own behalf and refers in his correspondence with the Authority to “alleged” dishonesty and lack of integrity. The Authority considers that Mr Thorogood’s failure properly to acknowledge his failings gives rise to continuing concerns about his integrity."