FSA bans jailed mortgage broker
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The Financial Services Authority has banned mortgage broker Rashid Farid, after he was jailed for eleven years for conspiring to commit fraud.
Farid committed the fraud whilst trading at Lifestyle Mortgages. He submitted a number of false mortgage applications through Lifestyle Mortgages in 2007 to a lender, using genuine details but without the owners’ knowledge, or after fraudulently altering the details of owners held by the Land Registry.
As a result of his actions, the lender suffered substantial financial losses of £787,050.
On 31 March 2009, he was convicted at Bradford Crown Court of a dishonesty offence and two counts of financial crime offences.
The FSA says the convictions, and the conduct which gave rise to them, go directly to impugn his honesty, integrity and reputation and therefore demonstrate that he is not a fit and proper person to perform any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm.
It says he presents a risk to consumers, to the financial system and to the FSA’s statutory objective of the reduction of financial crime.
Readers' comments (5)
Puzzled IFA | 20 Nov 2009 4:11 pm
Why does it take FSA over 7 months to ban this individual after his conviction?
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Olivier Mallo | 20 Nov 2009 4:31 pm
One can hardly expect an organisation (FSA) that failed to police the banks properly, to be fast at anything.
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Dan McGeehan | 20 Nov 2009 4:52 pm
What else was going to happen.....the FSA ask him to trigger his locum agreement whilst inside.
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Andy | 20 Nov 2009 7:28 pm
maybe they have to wait until the appeal process has been completed?
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Shaun | 23 Nov 2009 12:14 pm
They got the most out of the annual subscription and probaly wil send out for 2010
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