FCA publishes final notice on fraud

The FCA has published a final notice banning Shaffarat Parvez from performing regulated activities. Whilst a director and an approved person at an authorised firm, Mr Parvez engaged in criminal activity and was convicted of:

  • two counts of fraud – by failing to disclose information which he was legally required to disclose and intending to make a gain for himself or another, or cause loss to another, from such failure, contrary to sections 1 and 3 of the Fraud Act 2006;
  • one count of fraud – by making, adapting, supplying or offering to supply any article knowing that it was designed and/or intended for use in the commission of fraud; and
  • one count of contravening the requirements of professional diligence contrary to regulations 8 and 13 of the Consumer Protection from Unfair Trading Regulations 2008.

In light of his convictions, the FCA has concluded that Mr Parvez is not a fit and proper person to perform any function in relation to any regulated activity carried on by an authorised person, exempt person or exempt professional firm.

Lucy Hadrill