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FSA kicks out IFA fraudster

The FSA has expelled IFA Theophilus Folagbade Sonaike, trading as F T Insurance Services, from being authorised to carry out regulated activities.

The FSA has taken action after being informed in November 2004 of Sonaike’s convictions for housing benefit fraud. These showed that he was not fit and proper to be authorised to provide financial services.

Sonaike was issued a First Supervisory Notice in May 2005 and a Decision Notice in October 2005. He exercised his right of appeal to the tribunal on both occasions, however both decisions were upheld.


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