Wagner's refrain sounds flat to tribunal, but he avoids fine

The Upper Tribunal has directed the FSA to ban Raymond Wagner from regulated functions, but not to fine him for his part in the submission of inaccurate mortgage applications - as he is subject to financial hardship. He has instead been publicly censured by the regulator for breaching Principle 1 of the Statements of Principle for Approved Persons, which required him to carry out his controlled function with integrity.