The action has been taken against Birmingham-based broker Mohammed Hanif for giving the regulator false information in order to conceal his involvement in running Pak Property Centre.
According to the FSA, the authorisation letter said Hanif’s daughter-in-law, Zaneb Sarfraz, had the necessary credentials to manage Pak Property Centre although she lacked the necessary experience.
In a statement, the FSA said: “She had no knowledge of the financial services industry, she was not aware of the purpose of the authorisation application submitted in her name, and she had very little involvement in the running of the business. From the outset Hanif was the controlling mind of Pak Property Centre.”
Having obtained authorisation on a false basis, Hanif, together with the only mortgage adviser at Pak Property Centre, Anmbur Saddiq, submitted a mortgage application for Sarfraz based on false information about her earnings from the business.
Saddiq, who made false mortgage applications for himself and for a family member, has also been banned.
Margaret Cole, director of enforcement and financial crime at the FSA, said: “Maintaining the integrity of the authorisation process is essential if we are to keep dishonest people out of the regulated financial services industry.”
