Broker banned for trading without FCA permission

Former insurance broker and mortgage adviser Abdul Razzaq has been banned by the FCA from working in the financial services industry.

At a hearing in May, the court of appeal dismissed an appeal by Razzaq against a ruling by the Upper Tribunal and the FCA to ban him from working in the industry.

In an investigation into activities at the Oldham-based firm A Razzaq Insurance Brokers, the FCA found that between November 2009 and February 2010, Razzaq acted as an insurance broker, despite knowing that his permission had been withdrawn in March 2009.

Between 18 November 2008 and 6 January 2009 Razzaq used an account belonging to his nephew and his nephew’s wife for client money, in “clear breach” of the rules.

And in May 2008 he obtained £10,000 credit from Whiteaway Laidlaw Bank Ltd by providing false information.

In a statement the tribunal said: “Mr Razzaq has not been frank to the authority or to the tribunal concerning the events of 1 May 2008; instead he has sought knowingly to put forward untrue exculpatory versions of the facts.

“Mr Razzaq knowingly failed to report to the authority that he had obtained credit from WLB that he was unable to repay.”

The FCA added: “He lacked honesty and integrity and should be banned from working in the industry in order to protect consumers.

“The permissions held by Abdul Razzaq, trading as RSA Mortgage Services, will be cancelled and he will be prohibited from performing any regulated activities.”