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Midlands firm loses appeal over licence

A Midlands-based advisory firm has had its credit licence revoked following a series of hearings by regulatory bodies.

CF Consulting, run by the husband and wife team of Riaz and Shomaila Ali, was found to be a risk to consumers.

The firm specialised in providing financial and corporate advice to businesses in the Midlands area.

The company lost round one of its battle following a hearing before the Office of Fair Trading. At the public hearing in May, it was first revealed that Mr Ali was an undischarged bankrupt.

It was also revealed that both partners in the business had provided incomplete information on a variety of occasions in relation to licence applications.

Following the OFT ruling, CF Consulting went to appeal and an independent panel was established to hear the case. This panel has now confirmed the original OFT ruling.

The panel ruled that CF Consulting had breached section 7 of the Consumer Credit Act 1974 through non-disclosure.

Additionally, it was ruled that Mr Ali had failed to co-operate with the Official Receiver in the bankruptcy proceedings and was still an undischarged bankrupt.

The panel then found that the business was a serious risk to consumers and unfit to hold a licence.

It is still open to CF Consulting to appeal to the High Court on points of law.


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