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Jailed broker is banned by FSA

The FSA has banned broker Rashid Farid from carrying out regulated activity after he was jailed earlier this year for 11 years.

An FSA notice says Farid had acted dishonestly and without integrity while trading as Lifestyle Mortgages by submitting false mortgage applications to a lender.

The ban comes nine months after Farid was jailed for 11 years for a dishonesty offence and two counts of financial crime.

The notice to Farid says: “The FSA concluded that you are not a fit and proper person to perform any functions as your conduct demonstrated a lack of honesty and integrity.

“You present a risk to consumers, to the financial system as well as to the FSA’s statutory objective of the reduction of financial crime as you have failed to demonstrate that you conducted your business in compliance with proper standards.”

Referring to Farid’s 11-year jail sentence, the FSA says: “The convictions, and the conduct which gave rise to them, go directly to impugn your honesty, integrity and reputation and therefore demonstrate that you are not a fit and proper person to perform any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm.”

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