The Financial Conduct Authority has cancelled an adviser’s permission after he was convicted of trespassing and theft.
Anthony Badaloo was convicted of one count of trespassing and one count of theft in October 2015 which led to FCA to conclude he “cannot be expected to act with probity”.
The FCA found he had also repeatedly failed to comply with its requests for information and not been open and co-operative with the regulator.
Barnet-based Mr Badaloo, whose company traded as Church Hill Finance, had been authorised by the FCA since 2004 but since April 2015 he had repeatedly failed to comply with its requests for documents relating to his business records and creditor position.
Mr Badaloo has referred the FCA's decision to the Upper Tribunal.
In its decision notice, the FCA said: “In failing to provide information and documents to the authority in relation to his business records, Mr Badaloo has failed to explain to the authority what alternative arrangements he has made to demonstrate that he satisfies his record-keeping obligations, following the repossession of his principal place of business on 7 November 2014 and the destruction of his business records on 24 June 2015.”
On 2 October 2015, Mr Badaloo was convicted on indictment at Harrow Crown Court of one count of trespassing and one count of theft.
On 30 October 2015, he was sentenced for those convictions to a community order of unpaid work of 100 hours, and was ordered to pay £3,500 in costs, plus a £60 victim surcharge.
The FCA had invited Mr Badaloo to apply to cancel his permission, but he declined to do so.
damian.fantato@ft.com
