The FSA has banned and fined a Bolton mortgage and insurance broker for failing to act with competence and capability.
Riaz Ahmad has been fined £5,000 and prohibited from working in regulated financial services for failures including a lack of suitable compliance and risk management proc- esses in place at Finance.com.
Ahmad’s shortcomings were first picked up by an FSA team while conducting research into treating customers fairly, as part of an ongoing assessment for small businesses.
Customers were found to be at risk of receiving unsuitable mortgage advice and mortgage applications were submitted to lenders containing inaccurate and misleading information.
FSA director of enforcement and financial crime Margaret Cole says: “This action confirms our ongoing commitment to ensuring customers are treated fairly and firms have the necessary procedures in place to make sure they are not open to being used for financial crime.
“When firms fall short of these requirements, we will not hesitate to take action.”