The FSA has banned mortgage broker Rashid Farid following his jail sentence earlier in the year for conspiring to commit fraud.
In March, the former sole trader of Liftestyle Mortgages was given an 11-year jail sentence for dishonesty and two counts of financial crime at Bradford Crown Court. The charges related to false mortgage applications through Lifestyle Mortgages in 2007 which resulted in the lender suffering losses of £787,050. In a final notice to Farid, the regulator says: "You are not a fit and proper person to perform any functions as your conduct demonstrated a lack of honesty and integrity." The FSA goes on to say that Farid poses a risk to consumers and the financial system and that his acti...
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