Ravjani (t/a Astrad Finance) v Financial Services Authority, Court of Appeal - United Kingdom Financial Services and Markets Tribunals, August 12, 2008, [2008] UKFSM FSM063

Resolution Date:August 12, 2008
Issuing Organization:United Kingdom Financial Services and Markets Tribunals
Actores:Ravjani (t/a Astrad Finance) v Financial Services Authority

SUPERVISORY NOTICE Permission Removal Authority s own initiative Application for authorisation Failure to disclose prior bankruptcy Whether Applicant failed to display integrity and willingness to cooperate with the Authority Whether Applicant failed to comply with terms of Supervisory Notice Whether Supervisory Notice should be suspended No Reference dismissed FINANCIAL SERVICES AND MARKETS TRIBUNAL ASGAR ALI RAVJANI (T/A ASTRAD FINANCE) Applicant - and FINANCIAL SERVICES AUTHORITY The Authority Tribunal: SIR STEPHEN OLIVER QC CHRISTOPHER BURBIDGE SANDI O NEILL Sitting in public in London on 12 August 2008 The Applicant in person Dan Enraght-Moony for the Authority © CROWN COPYRIGHT 2008 2 DECISION1. This decision is concerned with the reference of a First Supervisory Notice5 dated 4 January 2008 ( the Supervisory Notice ). In the Supervisory Notice the Authority decided to vary the permission of Mr A A Ravjani ( the Applicant ) by removing from the scope of the permission all regulated activities with immediate effect.2. The grounds for the Supervisory Notice were because Mr Ravjani had failed, when applying to the Authority for authorisation, to disclose that he had been declared bankrupt in 1995.3. Mr Ravjani s reference notice of 1 February 2008 included an application for a15 direction suspending the effect of the Supervisory Notice. At a Directions Hearing on 5 June the Tribunal decided that the issues, as regards the Supervisory Notice, were these: (i) Was the Authority correct to remove Mr Ravjani s permission with20 immediate effect? (ii) Was the Authority correct to remove Mr Ravjani s permission in any event? A Decision Notice of 15 April 2008 cancelled Mr Ravjani s permission on the basis that the Supervisory Notice had removed his permission with effect from 4 January2008. That Decision Notice has not been referred to the Tribunal. The parties accept that if the second issue is decided against Mr Ravjani, then this permission is to be treated as removed for all purposes with effect from 4 January 2008. We start with30 the second issue. The factual background4. Mr Ravjani s business interests include that of sole trader mortgage and35 general insurance intermediary. He was authorised by the Authority on 4 May 2007 under Part IV of the Financial Services and Markets Act 2000 ( FSMA ) to carry on certain regulated activities which included advising on investments, arranging deals in investments, advising on regulated mortgage contracts and...

To continue reading