A mortgage broker who hid a criminal record and asked that regulators travel to Nigeria to interview him has been barred from practising and fined more than £100,000 by the City watchdog in a sign of its renewed determination to use hefty fines to deter wrongdoing.

The Financial Services Authority said Gabriel Aramide, director of 1st Point, a company based in Romford, Essex, obtained a false mortgage for himself by overstating his income. He also failed to tell the regulator of his criminal record for fraud, the FSA said.

Financial Times