The Financial Conduct Authority has rescinded the £80,000 fine it imposed on a mortgage broker after he provided evidence of serious financial hardship.
It had issued a fine and banned Amir Khan after it found he submitted a personal mortgage application through his firm which contained false and misleading information about his income.
But Mr Khan, the sole owner, director and employee of Edinburgh-based Sovereign, referred parts of the FCA’s decision to a tribunal.
While the tribunal said the FCA could impose the £80,000 fine, Mr Khan then provided evidence of reduced financial circumstances which led to the regulator cancelling it.
In a statement issued today, the FCA said it would have issued the fine had Mr Khan had the ability to pay it.
In today’s statement the FCA said Mr Khan had acted dishonestly and it upheld its ban on him, which prevents him from carrying out regulated activity.
The FCA’s action against Mr Khan dates back to 2013 when if found that four years earlier he had submitted false payslips to a lender for a mortgage application.
At the Tribunal hearing the FCA argued Mr Khan had intentionally certified copies of two customers’ passport photos as true likenesses, despite never having met the customers but the tribunal said the regulator had not proved this.
