Release Date: 13th March 2014
To access the original FCA document, click here.
Summary
City & Provincial (C&P) and its sole trader and principal, Mr. Zaffar Hassan Tanweer, have been subject to significant regulatory action by the Financial Conduct Authority (FCA). Mr. Tanweer has been fined £1,100, a reduced figure from the initially intended £68,600, due to C&P’s declared financial position. Additionally, C&P’s Part 4A permission has been cancelled, and Mr. Tanweer is prohibited from performing any function in relation to any regulated activities due to his failure to meet the FCA’s suitability threshold.
From September 2009 to June 2011, Mr. Tanweer recklessly allowed the submission of various mortgage applications containing false and misleading information about clients’ employment and income. This conduct, deemed lacking in integrity, included falsifying wage slips and P60 documents, posing significant risks to consumers and lenders, and thus compromising the integrity of the UK financial system.This situation was exacerbated by Mr. Tanweer’s personal misconduct in a mortgage application where he provided false income details and misled his lender regarding the use of the funds, which were not used to purchase another property as stated but instead were invested in a commercial enterprise.The FCA’s actions reflect its strict enforcement of regulatory standards, particularly regarding honesty, integrity, and the management of financial affairs. The cancellation of C&P’s permission and the prohibition imposed on Mr. Tanweer underscore the FCA’s commitment to protecting consumers and maintaining confidence in the financial system.
Key takeaways for other firms include
The critical importance of conducting business with integrity.
Ensuring the accuracy of client information.
Maintaining transparency with regulators.
Firms must rigorously verify all client documentation and disclosures to prevent similar failings, thus safeguarding their operational permissions and avoiding severe regulatory penalties.
Back to the Dear CEO letter archives.