View more on these topics

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.

Recommended

ABI supports abolition of age 70 rule

The Association of British Insurers is supporting the abolition of the age 70 rule on protection products. The FSA’s consultation on the rule is due to end on September 6 and providers and trade bodies are expected to call for its abolition.If the rule is scrapped, Icob advisers will be allowed to sell policies maturing […]

FOS fears knock-on costs from time-bar confusion

Consumer confusion over time-bars could lead to a rise in next year’s Financial Ombudsman Service budget. Chief ombudsman Walter Merricks warns that the service will be tied up increasingly in dealing with consumers who have been time-barred. He says time-barring may look an open and shut case to many in the industry but for consumers […]

Administrators in at SRB

Special Risks Bureau has gone into administration following its acquisition by Risk Placement Services. RPS bought the niche insurance brokerage for an undisclosed sum last month in a deal that saw it take on SRB’s assets but not liabilities. RPS deputy managing director Geoff Tresman says it will honour any claims going through but any […]

Midas duo make debut on Cofunds

The CF Midas balanced income and balanced growth funds are now available through Cofunds following the completion of a distribution link between Midas Capital Partners and the fund supermarket. The Midas funds can be accessed through a range of platforms and insurance companies including FundsNetwork, Skandia, Selestia and Winterthur LifeMidas says its CF balanced income […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com