Andrew Kiplimo was accused of submitting bogus information on application forms for mortgages and continued to do so despite being rumbled by one lender. Acting as a mortgage “introducer”, Kiplimo was accused of fabricating employment, salary and tax information along with using phoney accounts. He has been reported to the police for fraud but has disappeared.

“Mr Kiplimo's actions and his failure to co-operate with the FSA demonstrate a lack of honesty and integrity, and show that he is not a fit and proper person” said Jonathan Phelan of the FSA. “Anyone who is approached by him about regulated business is strongly advised to have no further dealings with him”.

Attempts to defraud banks, building societies and credit card companies appear to be on the rise. Only last month the FSA banned two partners of an Ilford mortgage broking firm for submitting phoney applications. The fraud prevention service, CIFAS, has reported that there were twice as many fraudulent applications in 2007 than in 2004.