FCA bans Whiteaway Laidlaw fraudster for life

FCA bans Whiteaway Laidlaw fraudster for life




The FCA has levied its final decision on the fate of a conman who defrauded Whiteaway Laidlaw Bank (WLB), now known as Shawbrook Bank.

The FCA has levied its final decision on the fate of a conman who defrauded Whiteaway Laidlaw Bank (WLB), now known as Shawbrook Bank. 

The Authority has decided, following earlier decisions made by the Tribunal and Court of Appeal and under section 56 of the Act, to ban former mortgage adviser Abdul Razzaq of 342 Londonderry Road, Oldbury, West Midlands from “performing any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm”, effective as on 14 August 2014. 

This amounts to a full prohibition order on the basis that Mr Razzaq – who was trading under R S A Mortgage Services - is not fit and proper to perform said functions due to a lack of honesty and integrity, and is not financially sound, according to the FCA. 

It was found that in 2008, Mr Razzaq had fraudulently obtained the sum of approximately £10,000 from WLB and consequently lied to the FCA concerning the events surrounding this transaction. 

The FCA issued a Decision Notice in December 2010 imposing a prohibition order on Mr Razzaq in light of its findings relating to the WLB fraud and other failings. These included client money failures and conducting insurance mediation activities without permission. 

The final notice comes after Mr Razzaq referred the matter to the Tribunal in March 2013 – which  ruled it was necessary for the order to be put in place - and applied for permission from the Court of Appeal to appeal the decision of the Tribunal earlier this year.  

The hearing on 22 May 2014 found that none of the matters raised before the Court of Appeal gave rise to any real prospect of success, consequently Mr Razzaq’s application was dismissed. 
 
 

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