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Credit licence revoked for Midlands firm

A Midlands financial advice firm has had its credit licence revoked after a series of hearings by regulatory bodies.

CF Consulting of Berry Dale, Northampton was found to be a risk to consumers. The firm is run by husband and wife team of Riaz and Shomaila Ali.

It specialises in financial and corporate advice to businesses in the Midlands. The firm lost round one of the battle after a hearing before the Office of Fair Trading. At the public hearing in May, it was revealed that Mr Ali was an undischarged bankrupt and both partners had provided incomplete information on a variety of occasions in relation to licence applications. CF Consulting went to appeal and a special independent panel hear, the case.

The panel has confirmed the OFT ruling. It ruled that CF Consulting had, through non-disclosure, breached section 7 of the Consumer Credit Act 1974. It also said Mr Ali had failed to co-operate with the Official Receiver in the bankruptcy proceedings and was still an undischarged bankrupt. The panel found the business was a serious risk to consumers and unfit to hold a licence. The firm could still appeal to the High Court on points of law.

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