IFA expelled for housing benefit fraud

The FSA has taken action after being informed in November 2004 of Sonaike’s convictions, which the FSA says “showed that he was not fit and proper to be authorised to provide financial services”. Sonaike was not fit and proper because “in the opinion of the FSA, you have failed to act with integrity”, it adds. Margaret Cole, director of enforcement at the FSA, says: “The FSA must act to ensure that consumers are protected and markets operate in a fair and orderly way. We took appropriate and proportionate action towards Theophilus Sonaike in accordance with his criminal convictions.” ...