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Tribunal upholds FSA decision
16 January, 2008
The Financial Services and Markets Tribunal has backed the FSA in its decision to ban a broker operating in the North.
Qamar Hussain was banned from carrying out regulated activity because he did not disclose convictions for dishonesty when applying to the FSA for permission, nor did he disclose a further conviction for dishonesty after permission was granted.
The former mortgage and insurance broker operated at various times in Bradford, Loughborough and Nottingham under the name Radiant Technological Services.
The Tribunal agreed with the FSA's conclusion, set out in a Supervisory Notice in May 2007. It also regarded Hussain's failure to submit his Retail Mediation Activities Return (RMAR) to comply with the terms of the Supervisory Notice and his corresponding with the FSA in an abusive manner, as supporting the conclusion that he was not fit and proper.
Following the Tribunal decision, the FSA has issued him with a Final Notice which confirms that his permission has been cancelled.