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Tribunal overturns FSA’s ban on adviser for RMAR failings

The Financial Services and Markets Tribunal has overruled an FSA decision to cancel an adviser’s permission to undertake regulated activities for failing to submit his RMAR in time.

The FSA cancelled Salman Khan’s permission for repeatedly failing to submit a RMAR form by the due date and lodging the form up to 263 days after the deadline.

But Khan argued that as the failure was due to a death in the family, requiring him to return to Pakistan periodically, and a flood at his office which destroyed a computer, he should be shown leniency.

The Tribunal agreed, saying the appropriate progression of sanction would be warning, financial penalty, withdrawal of permission and “to skip from one to three may not be appropriate”.

It ordered the FSA to instead impose a £2000 fine on Khan, in addition to the £250 administration fee for submitting late returns.


Sifa picks Killipas for RDR role

Sifa has appointed Lester Killipas as commercial director to explore business opportunities offered to advisers by the Legal Services Act and the RDR.

Neptune Global Income: Is Japan the best dividend market in the world?

By George Boyd-Bowman, Fund Manager at Neptune The Neptune Global Income Fund seeks exposure to the very best – and often overlooked – income opportunities from across the world. Unconstrained by benchmarks, the fund currently has 24 per cent invested in Japan, differentiating the high conviction portfolio from many of its peers. Watch Neptune Fund […]


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