The Upper Tribunal has backed the Financial Services Authority's (FSA) decision to ban an insurance broker who fraudulently obtained a £20,000 overdraft on the grounds that he is "not a fit and proper person".
The FSA's case was that Abdul Razzaq, trading as RSA Mortgage Services, is "dishonest, lacking in integrity and reputation, lacking in competence and capability and lacks adequate resources". The principal allegations are that Razzaq fraudulently caused Whiteaway Laidlaw Bank (WLB) to permit an unauthorised overdraft of approximately £22,200 to accrue on his office account by false representations that he had paid sums of cash totalling £22,120 into that account by two deposits, on 30 April and on 1 May 2008. In mid-March 2008 Razzaq applied to WLB for an overdraft facility of £10,000...
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