The UK's Financial Conduct Authority has banned Kevin Allen, formerly the head of a mortgage brokerage, from finance for fabricating emails and making illegitimate transfers of £1 million.

Allen was sole shareholder of NMB, a mortgage intermediary, while performing 'controlled functions' (regulated functions) at New Life, another firm that offered equity release mortgage products. Between 2009 and 2013 he made illegitimate transfers totalling £1,000,000 from New Life to NMB without the knowledge of the other New Life directors.

Allen also fabricated an exchange of emails between himself and another director claiming to authorise one of the transactions and falsified a bank statement in order to mislead New Life’s auditors.

The FCA says that he stole money in order to prop up his failing business and then lied in order to cover up his deception. He would have been fined £248,500 if not for financial hardship.