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FCA cancels adviser’s permissions after court battle

Royal Court of Justice High Court 480The FCA has confirmed it will stop a financial adviser from trading after a lengthy court battle with the regulator.

North London-based adviser Anthony Badaloo, trading as Church Hill Finance, contested the regulator’s decision to ban him on the back of trespass and criminal damage related convictions in 2015.

He also failed to turn over business records and creditor positions to the regulator amid a contested office repossession, leading the FCA to decide he was not a fit and proper individual to hold regulatory permissions.

The convictions, which Badaloo contests, stemmed from his attempts to re-enter his office after Kleinwort Benson, a wealth management and private banking firm, took possession of it.

He was unable to satisfy FCA concerns over the security of his client record back-ups.

Badaloo disputed Kleinwort Benson’s right to possess his offices, and did not give up his permissions voluntarily when asked by the FCA, launching a petition against the regulator.

The case went to the Upper Tribunal, but the FCA won its application to strike out Badaloo’s appeal. Badaloo asked for leave to appeal that decision, which was refused by the Tribunal.

He then took the case to the Court of Appeal, which ruled last month that he would have no right to further appeal.

FCA defends adviser ban as IFA appeals decision

The FCA says in its final notice issued on Friday: “On the basis of Mr Badaloo’s criminal convictions, the Authority concludes that Mr Badaloo cannot be expected to act with probity.

“Mr Badaloo has failed to satisfy the Authority that he is ready, willing and organised to comply with the requirements and standards under the regulatory system.

“In light of these matters, the Authority is not satisfied that Mr Badaloo is a fit and proper person having regard to all the circumstances.”

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