FCA bans Abdul Razzaq from FS industry

Robyn Hall

August 19, 2014

On 8 December 2010 the Authority issued a decision notice to Razzaq, 57, of Oldbury, West Midlands, finding that he lacked honesty and integrity and was not financially sound.

On this basis, the Authority decided that he should be banned from working in the industry.

He referred the case to the Upper Tribunal (Tribunal). In a written decision issued on 20 March 2013 the Tribunal agreed with the Authority’s assessment that he lacked honesty and integrity and should be banned in order to protect consumers and prevent financial crime.

At a hearing on 22 May 2014 the Court of Appeal dismissed Razzaq’s application for permission to appeal the Tribunal’s decision.

The Tribunal found that: “On 1 May 2008 Mr Razzaq obtained approximately £10,000 from … [Whiteaway Laidlaw Bank Limited (“WLB”)] … by deliberate fraud.

“Mr Razzaq has not been frank to the Authority or to the Tribunal concerning the events of 1 May 2008; instead he has sought knowingly to put forward untrue exculpatory versions of the facts.”

And the Tribunal added: “Mr Razzaq knowingly failed to report to the Authority that he had obtained credit from WLB which he was unable to repay.

“Between 18 November 2008 and 6 January 2009 Mr Razzaq used an account belonging to his nephew and his nephew’s wife for client money, in clear breach of the relevant rules.

“Mr Razzaq had no client bank account between 30 January and 9 February 2009.

“At various dates in around November 2009 to February 2010 Mr Razzaq acted as an insurance intermediary, knowing that he was without permission from the Authority to do so.”

The permissions held by Abdul Razzaq trading as RSA Mortgage Services will be cancelled and he will be prohibited from performing any regulated activities by the two final notices published today, reflecting the FCA’s objective to secure appropriate protection for consumers.

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