![UT-2023-000032 - [2024] UKUT 00265 (TCC)](https://backend.juristeca.com/files/emisores/logo_ICfrj4g.png){kind=logo}
Introduction
Introduction
On 10 April 2023 the Applicant referred (“the Reference”) to this Tribunal a decision (“the Decision”) of the Authority dated 14 March 2023 refusing the Applicant’s application (“the Application”) to carry out regulated activities.
The Authority refused the Application as it was not satisfied that the Applicant, if authorised, would satisfy and continue to satisfy the threshold conditions as required by section 55B(3) of the Financial Services and Markets Act 2000 (“FSMA”).
The core of the reasoning behind the Decision centres on Mr. Murtaza Imran Ashraf (“Mr. Ashraf”). Mr. Ashraf is, along with Mrs Saaima Tasleem Ashraf (“Mrs Ashraf”), one of two shareholders of the Applicant. Mr. Ashraf is additionally the only proposed advisor at the Applicant. In the Authority’s opinion, Mr. Ashraf has not demonstrated that he is a fit and proper person. Accordingly, in the view of the Authority, the Applicant does not satisfy the Threshold Conditions of appropriate resources and suitability.
- Heading
- Introduction
- Legal Framework for the Reference
- The Authority’s Reasons for the Decision
- Mr Ashraf’s Employment by HSBC
- Mr. Ashraf’s Termination by SJP in 2015
- Lisa Egan
- Mr Ashraf’s engagement with Tenet
- Mr. Ashraf’s Termination by Tenet in 2021
- Amanda Ford
- Michael Hancock
- Mr. Ashraf
- Mr. Ashraf’s actions after termination by Tenet
- The Applicant’s submissions
- The Authority’s submissions
- Discussion
- Matters other than those covered by Tenet’s investigation
- Matters covered by Tenet’s investigation
- Conclusions