The Upper Tribunal has thrown out the appeal by a insurance broker against having his permissions removed by the Financial Services Authority after he allegedly fraudulently obtained around £10,000 from Whiteaway Laidlaw Bank.
Abdul Razzaq, trading as RSA Mortgage Services, referred an FSA decision to the Upper Tribunal saying his evidence had not been completely honest with either the FSA or the Tribunal itself.
According to the Upper Tribunal decision, Mr Razzaq fraudulently caused WLB to allow an unauthorised overdraft of approximately £22,200 to accrue on his A Razzaq Insurance Brokers Office Account, by falsely claiming he had paid £22,120 in cash to the same account.
He also kept a “significant sum” of client money not segregated in a client bank account but instead in an account held under the name of his nephew and another person between at least 18 November 2008 and 6 January 2009.
In its decision Upper Tribunal Judge Andrew Bartlett QC said Mr Razzaq was “a man of considerable personal charm and intelligence, with developed social skills and a warm-hearted personality”.
However, the Tribunal reached negative conclusions about Mr Razzaq’s integrity, saying it was “unable to accept his evidence on critical points”.
