Fraudulent mortgage brokers are being targeted by the FSA.

A mortgage broker who tried to defraud insurance firms of more than £250,000 has been banned by the Financial Services Authority (FSA).Peter King, ran the New Forest Mortgage Company in Bournemouth and made 39 bogus applications for life insurance policies to claim the commissions paid by the insurance firms. The FSA said it would have also imposed a substantial fine on him, but for the fact that Mr King is now bankrupt. “Peter King acted dishonestly and without integrity and posed a risk to consumers and to confidence in the financial system as a whole,” said Margaret Cole, the FSA’s director of enforcement.