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FSA bans Young & Ridgeway IFA for breach of AP principle

The FSA has banned Young Ridgway & Associates former director Idris Nagaty from trading.

Ridgway was accused of failing to ensure his firm was suitably organised to ensure customers’ interests were safeguarded.

The FSA reached the conclusion Nagaty’s failings constituted breaches of its statements of principle for approved persons.

Nagaty is prohibited from undertaking any significant influence function in any authorised firm until at least September 1, 2007.

FSA director of enforcement Margaret Cole says: “One of the FSA’s statutory objectives is to secure the appropriate degree of protection for consumers and in doing so we have a responsibility to ensure that the senior management of authorised firms adhere to our rules.

“Our investigations concluded that Idris Nagaty is not a fit and proper person to manage a regulated firm and we took the necessary enforcement action of prohibition as a consequence.”

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