The regulator found that Andrew Barlas "knowingly submitted two mortgage applications to mortgage lenders containing false and misleading information about his income".
Had Mr Barlas not provided verifiable evidence a financial penalty of any amount would cause him serious financial hardship, the authority would have fined him £80,000.

He used to work for Glasgow-based financial advisory firm Capital Managers.
The FCA took into account his resignation as a partner of the firm Capital and his agreement to cease conducting regulated activities on a voluntary basis.
The FCA's final notice read: "Mr Barlas, while carrying out his controlled functions at Capital, failed to act with honesty and integrity in that he knowingly submitted, through Capital, two mortgage applications in his own name to lenders which contained false information, in that they materially overstated his income.
"The serious nature of these breaches leads the authority to conclude that Mr Barlas is not a fit and proper person to perform functions in relation to regulated activities carried on by any authorised person, exempt person or exempt professional firm, and that he should be prohibited from doing so.

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Mr Barlas had been approved to perform investment adviser controlled functions at Capital.
The FCA said: "Mr Barlas, as an approved person and as an experienced mortgage and investment adviser, was aware, or should have been aware, of the need to make full and accurate disclosure in mortgage applications.
"The false information provided by Mr Barlas could have affected the lenders' decision to lend or, at least, the extent to which they sought further information regarding proof of his income or the amount of due diligence they carried out in assessing his applications.
"The size of the income inflation and the lack of any plausible explanation by Mr Barlas indicate that Mr Barlas acted deliberately."