The FCA has succeeded in throwing out an adviser’s appeal against his ban.
IFA Anthony Badaloo, a sole trader through Church Hill Finance, had permission to conduct both investment and home finance business. He also had interim permissions for consumer credit business.
The dispute with the FCA centred around how Badaloo ensured his client, financial and compliance records were maintained as Kleinwort Benson, a wealth management and private banking firm, attempted to repossess his principal place of business and removed the contents to storage.
Badaloo was arrested, charged and then convicted on trespass and criminal damage charges after attempting to re-enter the premises, alleging they had been taken possession of illegally and fraudulently.
The FCA argued Badaloo could not show he had adequate back-ups of his records, and, because of his criminal convictions and failure to respond to requests for information, the FCA was not satisfied that he could meet the standard required of a regulated individual.
It banned Badaloo on 12 October last year, and Badaloo appealed the decision.
Earlier this month, Money Marketing reported on a hearing in which the FCA argued for the appeal to be struck out because it had no reasonable chance of success, and that Badaloo’s lack of co-operation meant the Upper Tribunal could not make a fair and just judgment.
The FCA also argued Badaloo was trying to relitigate the events that led to his conviction to overturn it.
A ruling handed down by Upper Tribunal Judge Roger Berner has now been published striking out the case.
Berner says: “Were there any reasonable prospect that Mr Badaloo might come forward with a case of substance in order to support his reference and properly dispute the matters raised by the Authority’s statement of case, I would have taken further steps to facilitate such a case.
“But, having considered all the material before the Tribunal and the submissions made by Mr Badaloo to me, and having myself made efforts at the hearing to encourage Mr Badaloo to engage with the substantive issues, I have come to the clear conclusion that such a course is not open to the Tribunal.
“There is, in my judgment, no possibility that Mr Badaloo will be able to make such a case however much indulgence is afforded to him.”