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FCA ban upheld for fraudulent mortgage broker

The FCA has banned a former mortgage adviser and insurance broker following a Court of Appeal decision.

In December 2010 the regulator issued a decision notice seeking to ban Abdul Razzaq of RSA Mortgage Services which found that he lacked honesty and integrity and was not financially sound. Razzaq referred the case to the Upper Tribunal.

In a decision issued in March 2013, the Tribunal agreed that he should be banned.

The FCA has now announced that at a hearing on 22 May, the Court of Appeal dismissed Razzaq’s application to appeal the tribunal’s decision.

The FSA says Razzaq fraudulently obtained an unauthorised overdraft of £22,200 from Whiteaway Laidlaw Bank, which has since rebranded to Shawbrook Bank, by falsely representing that he had paid £22,120 in cash to his account.

On the basis of the incoming money, WLB agreed to pay out a cheque of £10,000.

The Tribunal found that Razzaq obtained £10,000 from WLB “by deliberate fraud”.

It also found that he knowingly put forward an untrue version of events to the regulator and the tribunal, and between November 2008 and January 2009 used an account belonging to his nephew for client money.

In two final notices published today, the FCA has cancelled Razzaq’s permissions and banned him from performing any regulated activities.

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Comments

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  1. David, Aberdeen 19th August 2014 at 5:37 pm

    I know of fraudsters in Aberdeen who give advise and recommendations for Mortgages and Protection products to clients but are unauthorised to do so.
    They do this by getting authorised companies to re-write their business without any contact with the clients!
    These fraudsters have already been caught by the FSA but are still doing the same thing over and over!
    These type of companies and people will only succeed in bringing our industry into disrepute!
    Why are these illegal operations not stopped?

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