View more on these topics

FCA bans former adviser after fraud charges

A former adviser who was convicted of 37 counts of fraud has been banned by the FCA.

In a final notice published on the FCA website yesterday, the regulator has prohibited Alok Dhanda from “performing any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt firm”.

Dhanda decided not to appeal the matter to the Upper Tribunal within the 28 day time limit, and told the regulator he did not dispute any of the allegations or matters in its warning notice.

Dhanda was convicted of 37 counts of fraud in September and November 2014. The final notice says Dhanda told clients that he would invest money transferred to him in property in India but used the money on his own luxuries.

FCA renews ban on DFM Stargate

The final notice references comments from the judge in Dhanda’s case – Judge Forster. Forster stated that “Dhanda’s dishonesty had resulted in him obtaining money which he spent to further his extravagant lifestyle and reduce his own personal loans.”

The judge said the impact of Dhanda’s actions on ordinary members of the community was “considerable and devastating”.

He was sentenced to 68 months’ in jail, to be served concurrently at HMP Kirklevington Grange, and was released in February 2017.

He was previously approved by the FCA as an appointed representative and investment adviser for TenetConnect, as well as having CF30 permissions for that business. He also had CF30 permissions for another advice firm, Truly Independent.

Dhanda has not been approved by the FCA since November 2013.



FCA fines and bans RBS derivatives trader

The FCA has fined an RBS derivatives trader £250,000 for manipulating Libor and banned him from performing any function in relation to any regulated financial activity. Neil Danziger traded interest rate products referenced to Japanese Yen Libor. He occasionally made Libor submissions to the British Bankers Association when RBS’s primary submitters were not available.  The FCA […]


MPs hammer FCA conduct on British Steel as all transfer advisers to be investigated

The work and pensions select committee has published documents it believes raise serious concerns about how the FCA has handled the British Steel Pension Scheme saga. The documents are responses from the FCA, the financial advice firm Active Wealth and “introducer” firm Celtic Wealth, following evidence on BSPS in parliament in December 2017. The responses […]


News and expert analysis straight to your inbox

Sign up


There are 3 comments at the moment, we would love to hear your opinion too.

  1. At least he was Independent and not Restricted ….

  2. And they’ve only just got round to banning him?

  3. From 2014!!! One wonders what use the Gabriel system fulfills?

Leave a comment