![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_OoFgZDOaX65rndoX4Rh4lexRDyBX722WpomKG4GRnli3pEEkZCbOjwdqS7oxaOEs1eqITokfLAgf_cZc2668VgsaAebSx5wEGqU5cUfv2YMa7CqqOIu3Dls54LSe7-fwtk3d3bf9EhxY/s610/uk-lgflag.gif)
Judgment was given earlier this month by the Upper Tribunal (Tax and Chancery Chamber) in
Khan v Financial Conduct Authority: see
here (
pdf). The Tribunal directed that it was appropriate for the FCA to fine Mr Khan £80,000 for his failure to act with integrity, as required by
Principle 1 of the
Statements of Principle and Code of Practice for Approved Persons, by submitting a personal mortgage application containing false income details. In doing so, the Tribunal held that a substantial financial penalty was required for reasons of deterrence given the prevalence of mortgage fraud and its potential effect on the stability of the financial system.
No comments:
Post a Comment