FSA bans jailed broker
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The Financial Services Authority has banned broker Rashid Farid from carrying out any regulated activity.
An FSA notice says Farid had acted dishonestly and without integrity whilst trading as Lifestyle Mortgages by submitting false mortgage applications to a lender.
The ban comes nine months after Farid was jailed for 11 years for a dishonesty offence and two counts of financial crime offences.
The notice says: “The FSA concluded that you are not a fit and proper person to perform any functions as your conduct demonstrated a lack of honesty and integrity.
“You present a risk to consumers, to the financial system as well as to the FSA’s statutory objective of the reduction of financial crime as you have failed to demonstrate that you conducted your business in compliance with proper standards. The severity of the risk that you pose to consumers and to confidence in the market generally is such that it is necessary in order to achieve its regulatory objectives for the FSA to make a prohibition order against you in the terms proposed.”
Referring to Farid’s 11-year sentence, the FSA says: “The convictions, and the conduct which gave rise to them, go directly to impugn your honesty, integrity and reputation and therefore demonstrate that you are not a fit and proper person to perform any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm.”
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Readers' comments (2)
Anonymous | 20 Nov 2009 4:41 pm
Banned now after being jailed 9 months ago, good to see the F.S.A are on the ball.
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John Blackmore | 20 Nov 2009 8:10 pm
"The FSA concluded that you are not a fit and proper person to perform any functions as your conduct demonstrated a lack of honesty and integrity."
Credit where credit is due. I must admit that I might not have picked up on the possibility that an 11 year jail sentence implied a certain degree of dishonesty. But then I'm not Q level 4 qualified and tend to miss subtle point like this.
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