Faraz Ahmed Siddique and Waqas Ahmed Siddique, principals of Aston Sterling Insurance Services, a firm specialising in insurance for taxicabs, have been banned after the FSA found that Faraz had colluded to hide his brother Waqas’ fraud conviction and subsequent imprisonment from the regulator.
Waqas Siddique was charged with conspiracy to defraud in March 2007. One month later he applied for individual approval to perform controlled functions at the firm. On his FSA application, he signed a declaration that he had no previous criminal convictions and was not the subject of any current criminal proceedings.
After Waqas’ imprisonment in June 2008, Faraz told the FSA that his brother had merely resigned. He then applied to take over the controlled functions, but at no point did Faraz notify the FSA of his brother’s criminal conviction and imprisonment, despite being aware that this was the reason for his brother’s resignation from Aston Sterling.
Faraz claimed he did not know about his brother’s conviction until he was sent to prison, but was living in the same house as Waqas at the time of the conviction.
FSA director of enforcement and financial crime Margaret Cole says: “Aston Sterling was only able to operate as an insurance intermediary because the Siddique brothers lied to the FSA. With invaluable assistance from the Metropolitan Police and the Prison Service, we established the full extent of the brothers’ concealment of material information that should have been disclosed to the FSA.
“We have made examples of Waqas and Faraz Siddique to send a warning to firms and individuals: do not lie to the FSA. This case, and others that are due to follow, serve as a clear signal about the consequences of giving anything less than full and frank disclosure of material information to the FSA.”