Blackburn broker banned by FSA
The Financial Services Authority (FSA) has banned Mukhtar Khan, trading as United Finance and Insurance Services (UFIS), for not being fit and proper on competence and capability grounds.
The regulator said it carried out a Treating Customers Fairly (TCF) assessment at the Blackburn-based broker in June 2010, during which it became clear that Mr Khan lacked knowledge of TCF principles.
The FSA also established during the assessment that no action had been taken to ensure all areas of the business were delivering fair outcomes for customers.
Mr Khan was found to have failed to put appropriate systems and controls in place at his firm, failed to gather sufficient information about
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