The Financial Conduct Authority has issued a final notice to an insurance broker, prohibiting him from performing any function in relation to any regulated activities, following the Court of Appeal’s uphold of a 2010 decision notice.
The 2010 decision notice found that Abdul Razzaq “lacked honesty and integrity and was not financially sound”, and had therefore decided to impose a prohibition order on him for allegedly fraudulently obtaining around £10,000 from Whiteaway Laidlaw Bank.
Mr Razzaq referred the matter to the Upper Tribunal and in March 2013, it rejected Mr Razzaq’s appeal.
The Tribunal found that on 1 May 2008 Mr Razzaq obtained approximately £10,000 from Whiteaway Laidlaw Bank “by deliberate fraud”.
It also found that Mr Razzaq had “not been frank to the Authority or the Tribunal concerning these events” and that he had breached the relevant rules by using an account that belonged to his nephew and his nephew’s wife for client money.
Following this, Mr Razzaq applied for permission from the Court of Appeal to appeal the Tribunal’s decision.
At a hearing on 22 May 2014, the Court of Appeal found that “none of the matters raised before it by Mr Razzaq gave rise to any real prospect of success on appeal and therefore dismissed his application”.
